ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 7, Problem 3.8P
To determine
Wartime inflation using aggregate demand and
Introduction:
Aggregate demand is the total consumption (spending) of (on) the goods and services in the economy.
Aggregate supply is the total quantity of the goods and services produced in the economy.
Inflation refers to the percentage increase in the prices of the goods and services in the economy over the period of time.
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