Inflation refers to an increase in the overall level of prices.
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Q183: In macroeconomic models, prices are assumed to
Q184: Price wars among firms
A) tend to reduce
Q185: If nominal GDP is rising faster than
Q186: The Great Recession was triggered by a
A)
Q187: Real GDP is calculated using current prices
Q189: If nominal GDP increases from one year
Q190: Economic growth defined as rising GDP per
Q191: Business cycles refer to short-term fluctuations in
Q192: The Great Recession illustrated the situation where
Q193: Suppose that prices are sticky in the
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