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Suppose consumption growth suddenly falls as a result of a decline in consumer confidence. With the aid of a diagram including the AD and LRAS curves, explain how the change in consumption growth affects the inflation rate and the real growth rate in the long run.
Growth Rate
The rate at which an organism or population increases in size, often measured as a percentage of increase over a specific period of time.
Death Rate
The ratio of deaths in an area to the population of that area; expressed per 1000 per year.
Birthrate
The number of live births per thousand of population per year.
Biotic Potential
The maximum reproductive capacity of an organism under optimum environmental conditions.
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