In 1974 the UK economy shrank by 2.5 per cent before shrinking by a further 1.5 per
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In 1974 the UK economy shrank by 2.5 per cent before shrinking by a further 1.5 per cent in 1975. However, actual GDP rose by 13 per cent in 1974 and by 24 per cent in 1975. What explains these apparently contradictory results?
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Output growth measures the change in the volume ...View the full answer
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