British economists believe that the natural rate of unemployment in that country rose sharply during the 1970s,
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British economists believe that the natural rate of unemployment in that country rose sharply during the 1970s, from around 3% to as much as 10%. During that period, Britain experienced a sharp acceleration of inflation, which for a time went above 20%. How might these facts be related?
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ANSWER The sharp rise in the natural rate of unemployment and the acceleration of inflation in Britain during the 1970s could be related through the c...View the full answer
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