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Outline the theory behind the inverse inflation-unemployment relationship. (5 marks) Discuss the implications of stagflation for this inverse relationship and evaluate the risks of stagflation

Outline the theory behind the inverse inflation-unemployment relationship. (5 marks)
Discuss the implications of stagflation for this inverse relationship and evaluate the risks of stagflation occurring in 2022. (5 marks)
Explain the policy dilemma during periods of stagflation. (2.5 marks)

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