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A country has reached a level of economic development where the manufacturing of both semidurable and nondurable consumer goods has just begun. Also, the goods demanded relate to equipment and supplies to support manufacturing. In which stage of Rostow's five-stage model of economic growth does the country fit?
Inflation Rate
The percentage increase in the general price level of goods and services in an economy over a period of time.
A.W. Phillips
An economist known for describing the inverse relationship between rates of unemployment and corresponding rates of inflation, which is now known as the Phillips Curve.
United Kingdom
A sovereign country located off the northwestern coast of mainland Europe, comprising England, Scotland, Wales, and Northern Ireland.
Rate Of Change
The speed at which a variable changes over a specific period of time.
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