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Explain the Demand Pull Inflation
Demand Pull Inflation: Occurs when aggregate demand exceeds aggregate supply. If there is an excess level of demand in the economy, this will tend to cause prices to increase. This type of inflation is known as demand-pull inflation and is argued by Keynesians to be one of the major causes of inflation. Demand-pull inflation is essentially "too much money chasing too few goods."
Use a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more women en
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Tc and TVC curves have an inverted s-shape
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Gasoline Rationing - In the year 1974 and again in the year 1979, the government imposed price controls on gasoline. - This resulted in scarcity and gasoline was rationed.
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