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Distinguish between demand-pull inflation and cost-push infla- tion. Which of the two types is most likely...

Distinguish between demand-pull inflation and cost-push infla- tion. Which of the two types is most likely to be associated with a negative GDP gap? Which with a positive GDP gap, in which actual GDP exceeds potential GDP? What is core infla- tion? Why is it calculated?

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Distinguish between demand-pull inflation and cost-push inflation. Which of the two types is most likely to...
Distinguish between demand-pull inflation and cost-push inflation. Which of the two types is most likely to be associated with a negative GDP gap? Which with a positive GDP gap, in which actual GDP exceeds potential GDP? What is core inflation? Why is it calculated?
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Question 1 (Inflation and the Macroeconomy) Distinguish between demand-pull inflation and cost-push inflation and then use an AD-AS (aggregate demand/aggregate supply) model to illustrate the theoretical effects of these two types of inflation on the price level (P), employment (L) and economic growth (real GDP) in the short run. Now identify the various factors that have contributed towards demand-pull inflation and cost-push inflation in South Africa and critically analyse whether they are consistent with the predictions of the AD-AS model.
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