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Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884 Exercise 12
Inflation and Unemployment: The Phillips Curve
Use the following information to work Problem.
An economy has an unemployment rate of 4 percent and an inflation rate of 5 percent a year at point A in the figure.
Some events occur that move the economy in a clockwise loop from A to B to D to C and back to A.
Draw in the figure the sequence of the economy's short-run and long-run Phillips curves.
Use the following information to work Problem.
An economy has an unemployment rate of 4 percent and an inflation rate of 5 percent a year at point A in the figure.
Some events occur that move the economy in a clockwise loop from A to B to D to C and back to A.
Draw in the figure the sequence of the economy's short-run and long-run Phillips curves.
Explanation
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Macroeconomics 11th Edition by Michael Parkin
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