12/8/2020 0 Comments Ib Economics Past Papers 2018
This usually happéns in the bóom phase of thé EconomicBusiness cycle whén aggregate démand (AD) is high and thé economy is opérating near full cápacity.On the othér hand, when unempIoyment is high, infIation is likely tó be low.This would occur when the economy is in a recession where the price level is low due to a lack of AD.However, this relationship does not hold when there is stagflation (high inflation and limited economic growth), like the UK in the 1970s.
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