The 1990s generated for the United States the longest prosperity phase of the twentieth century. What explains it? How did the economy fare in the first years of the twenty-first century?
Answer to relevant QuestionsDescribe the phases of the business cycle. In what ways is the business cycle illustrated in Exhibit 1 like a roller-coaster ride? In what ways is it different? What is demand-pull inflation? Draw a diagram illustrating such an inflation. Give an example. How does government fit into GDP accounting? Use the following data to calculate GDP, GNP, NNP, national income, personal income, and personal disposable income. What factors determine autonomous investment?
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