Macro paper Study guides, Class notes & Summaries
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2024 macro paper Exam Questions and Answers 100% Pass
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2024 macro paper Exam Questions and 
Answers 100% Pass 
Define the term 'inflation'. (1) - Correct Answer ️️ -increase in GDP (measured by the 
CPI based on an average basket of goods) 
Explain one likely cause of inflation. (2) - Correct Answer ️️ -increasing in govt 
spending --> AD shifts out --> actual growth --> demand pull inflation OR natural 
disaster --> AS shifts inwards --> cost push inflation 
Illustrate the shape of the Classical long-run aggregate supply (A...
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