Case study on keynesian economics (suggested responses)

IB Economics: Case study on keynesian economics (suggested responses)

Questions(a) Define the following words from the passage:i. Recession (line 5) [2 marks]Responses should include the notion that a recession consists of a period of declining economic activity (falling GDP) for two consecutive 3 month periods.ii. Unemployment (line 7) [2 marks]The number of economically active people (sometimes called the labour force or working population) that are without paid employment. This is...

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