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Refer to Application 1, "Using Value Added to Measure the True Size of Wal- Mart," to answer the following questions:
-From Application 1, Wal- Mart's 2008 sales were roughly equal to the GDP of , the largest economy in the world.
Discretionary Increase
A decision by policymakers to increase government spending or reduce taxes beyond automatic stabilizers, aiming to influence the economy's direction.
Aggregate Demand Curve
A curve depicting the total demand for all goods and services in an economy at different price levels, assuming other factors remain constant.
Phillips Curve
An economic concept that illustrates an inverse relationship between the rate of unemployment and the rate of inflation in an economy.
Oil Embargoes
A policy tool that involves restricting the sale of oil to certain countries as a measure of control or punishment.
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