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19 Jul 2018

a. Suppose the economy is operating at its full employment level output. Does it mean that the unemployment rate is ZERO? Explain.

b. What is the difference between a recessionary gap and an inflationary gap? Explain

c. If the actual economy is operating below its full-employment long run equilibrium, then an inflationary gap will develop. If your answer yes, explain. If your answer is no, explain

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Reid Wolff
Reid WolffLv2
19 Jul 2018

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