Exam (elaborations)
2020 macro paper Exam | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+
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Define the term 'inflation'. (1) : increase in GDP (measured by the CPI based on an average basket of goods) Explain one likely cause of inflation. (2) : increasing in govt spending --> AD shifts out --> actual growth --> demand pull inflation OR natural disaster --> AS shifts inwa...
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