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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

The expected inflation rate is 5 percent, and the actual inflation rate is 7 percent. According to Friedman, is the economy in long-run equilibrium? Explain your answer.

To determine

Whether the economy is in long run or not.

Explanation

In the long run, there is no tradeoff between inflation and unemployment, and the expected rate of inflation must be equal to the actual rate of inflation...

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