PLEASE ANSWER THE QUESTIONS AS ACCURATE AS YOU CAN WITH THE CORE ECONOMY UNIT 17.5 UNTIL THE END.

QUESTION 3

REPLACE ANSWER BY THE REAL ANSWER

The sustained fall in aggregate output that followed the global financial crisis of 2008 became known as theANSWER(two words).

QUESTION 6

Figure 17.12 uses the price-setting and wage-setting relations to represent the golden age.

Labour force Wage-setting curve, Real wage post-war accord, late 1950s-mid 60s Wage-setting; Price-setting curve, late 1950s/60s B curve, early 1950s Upward shift of price-setting curve due to technological change Price-setting curve, early 1950s A U = 5% U =4% Employment, N