Would the classical model of the price level be relevant

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Question: In the following examples, would the classical model of the price level be relevant?

a. There is a great deal of unemployment in the economy and no history of inflation.

b. The economy has just experienced five years of hyperinflation.

c. Although the economy experienced inflation in the 10% to 20% range three years ago, prices have recently been stable and the unemployment rate has approximated the natural rate of unemployment.

Reference no: EM131530727

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