Explain what factors cause changes in output in: (1)the short run; (2)medium run; and (3)long run.
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Q52: Which of the following factors is not
Q53: Explain why economists care about inflation.
Q54: Changes in GDP in the short run
Q55: The Okun's law shows the relationship between
A)inflation
Q56: The Phillips curve describes the relationship between
A)output
Q57: Changes in GDP in the medium run
Q58: Based on the notation presented in Chapter
Q59: Explain the Phillips curve.
Q60: Changes in GDP in the long run
Q62: Can an economy maintain high output growth,low
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