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Real gdp and potential gdp

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Reference no: EM131049483

1."If country A has a higher level of real GDP per person than country B, then people in Country A must enjoy a higher standard of economic welfare than people in Country B." Is this statement true or false and explain your answer.

2. Explain the relationship between real GDP and potential GDP and between the unemployment rate and the natural unemployment rate as the economy moves through business cycle.

Reference no: EM131049483

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