The accompanying diagram shows the inflation rate in WORK IT OUT the United Kingdom from 1980 to
Question:
The accompanying diagram shows the inflation rate in WORK IT OUT the United Kingdom from 1980 to 2013.
a. Between 1980 and 1985, policy makers in the United Kingdom worked to lower the inflation rate. What would you predict happened to unemployment between 1980 and 1985?
b. Policy makers in the United Kingdom react forcefully when the inflation rate rises above a target rate of 2%. Why would it be harmful if inflation rose from 2.6% (the level in 2013) to, say, a level of 5%?
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a The relationship between unemployment and inflation is inverse As i...View the full answer
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