Answer to Question #125767 in Macroeconomics for Oko jen

Question

(1a) Describe the concept of inflation and list any three types of inflation.
(1b) Explain 5 factors that can shift the Aggregate Demand (AD) curve
(1c) Given the statistics for a small economy called Abua below, derive the GDP deflator and
assert if there is evidence of inflation or otherwise.
Real GDP = $650 million
Nominal GDP = $400 million
Inflation rate = 9%
Unemployment rate = 15%

Answer 1

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