Economics 1022A/B Study Guide - Quiz Guide: Real Wages, Aggregate Demand, Aggregate Supply

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ECON 1022A/B Full Course Notes
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ECON 1022A/B Full Course Notes
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After completing chapter 12, i would expect you to be able to complete problems such as the following. These are questions related to this chapter that have actually appeared on my past midterms, quizzes, or final exam review materials. Use the table below to answer the following question. The table gives points on the short-run phillips curve for the country of ruritania. Then, the expected inflation rate rises to 12 percent. The natural unemployment rate before the change is ________ percent, and after the change it is __________ percent: 6; 4, 4; 4, 6; 6, 4; 6, 5; 5. Use the figure below to answer the following questions. The economy"s natural unemployment rate is 4 percent. _____ grows at a fluctuating rate: aggregate demand; long-run aggregate supply, potential gdp; short-run aggregate supply, short-run aggregate supply; long-run aggregate supply, potential gdp; aggregate demand.

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