(a) The big three concepts of macroeconomics are the unemployment rate, the inflation rate, and productivity growth....
Question:
(i) In the short run
(ii) In the long run.
(b) Using Figures 1-3 and 1-5 as guides, discuss how natural real GDP is used to evaluate the behavior of the economy in both the short run and the long run.
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a The unemployment and inflation rates are concepts used to evaluate the economy over ...View the full answer
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