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Question 4 Using appropriate diagrams, explain how a self-regulating economy moves into long-run equilibrium from an inflationary gap. (9 marks) Explain the effects of a

Question 4

Using appropriate diagrams, explain how a self-regulating economy moves into long-run equilibrium from an inflationary gap. (9 marks)

Explain the effects of a recessionary gap and inflationary gap on the labour market and wage rates. (5 marks)

What is thepolicy implicationof believing that theeconomyisself-regulating? (6 marks)

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