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Consider the following stylised business cycle. GDP Peak Contraction Expansion Trough Time Explain why an economy has: (a) High GDP, low unemployment and high inflation
Consider the following stylised business cycle. GDP Peak Contraction Expansion Trough Time Explain why an economy has: (a) High GDP, low unemployment and high inflation at the peak of the cycle. (b) Falling GDP, rising unemployment and falling inflation in the contraction of the cycle
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Principles of economics
Authors: N. Gregory Mankiw
6th Edition
978-0538453059, 9781435462120, 538453052, 1435462122, 978-0538453042
