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Question 3 (Unemployment and the Output Gap) (a) Briefly explain how each of the following variables is likely to be influenced by a recession: (1)
Question 3 (Unemployment and the Output Gap) (a) Briefly explain how each of the following variables is likely to be influenced by a recession: (1) natural rate of unemployment, and (2) cyclical rate of unemployment. (b) Define potential output. How is it possible for an economy to produce an amount greater than potential output
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Macroeconomics Principles Applications and Tools
Authors: Arthur O'Sullivan, Steven Sheffrin, Stephen Perez
9th edition
978-0134089027, 134089022, 978-0134420684
