Week 6 - Notes - -1953 Korea split between North and South...

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- Expansion increase in output, increase in inflation and decrease in unemployment. - Recession decrease in output, decrease in inflation and increase in unemployment. - Positive output gap increase in inflation. - Okun’s Law relates output to unemployment; increase in output, decrease in unemployment. - Wealth is fixed (in gold and silver), should only export not import; increase in tariffs.
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Unformatted text preview: -1953 Korea split between North and South Korea-South Korea one of the Asian tigers and economy was based on exports.-Absolute vs comparative-If a country has absolute advantage in everything, then should trade according to opportunity cost (lower)....
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