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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

If the economy is self-regulating, what happens if it is in a recessionary gap?

To determine

The role of self-regulating economy in a recessionary gap.

Explanation

In an economy, the recessionary gap arises when the actual unemployment rate exceeds the natural unemployment rate. This explains that the unemployment rate in an economy is high. If wage contracts expire, then the firms introduce new contract and that workers are paid a lower wage rate...

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