Post-World War II, the deepest recessionary gap occurred during the Volcker-Reagan recession in the early 1980s.
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Q86: Defining Q87: Defining Q88: Defining u as the unemployment rate and Q89: You are a staff economist with the Q90: Figure 9.6: Economic Boom versus Recession Q92: The relationship between actual output in an Q93: The Phillips curve shows the negative relationship Q94: The relationship between actual output in an Q95: According to the text, the slope of Q96: Suppose an economy exhibits a large unexpected
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