Relationship between unemployment and real and nominal wages

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The economy will contract (shrink) if leakages exceed injections. Do you agree with this statement? Why or why not?

Q2

Describe the relationship between unemployment and real and nominal wages. Which is more important and why? What effects would either an increase or decrease in unemployment have on wages?

Some economist believe that Fiscal Policy can affect swings in the business cycle. Looking back to the book, it discusses the Japanese government and their government cutting taxes. Do you believe the Japanese were right or wrong to use Fiscal Policy in that manner? Why or why not?

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Review and reflect on what you learned in the past 8 weeks. What is the most practical and easily applied lesson you learned? What was the hardest to grasp? Why? What else do you need to know about Macroeconomics?

Reference no: EM13756869

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