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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

List and briefly explain the three principles that describe how the economy as a whole works.

To determine

The three principles that describe how the economy as a whole work.

Explanation

The principle that describes how the economy as a whole work is;

  • A country's standard of living depends on its ability to produce goods and services.
  • Prices rise when the government prints too much money.
  • Society faces a short-run trade-off between inflation and unemployment.

Standard of living: A country's standard of living is based on its ability to produce goods and services. This principles state that, the variation in standard of living depends upon a differences in the country’s productivity. In a country, where workers can produce a more amount of goods and services per hour, so most people enjoy a high standard of living. The growth rate of a nation’s productivity creates the growth rate of its average income...

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