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Explain the unemployment and inflation rates

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Reference no: EM133063206

By using AD-AS (upward sloping) and Phillips Curve analysis, explain what happens to output and price level as well as unemployment and inflation rates in both the short and long run for each of the situations listed below:

a) The government decreases the corporate tax rate from 30% to 20%.

b) Bank Negara Malaysia (BNM) increases the required reserve ratio.

Reference no: EM133063206

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