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Chapter 20
Overview of Macroeconomics
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U.S,Real Gross Domestic Product,
1929-1999
T-144
Figure 20-1
Source,U.S,De a tment of Commerce,Shaded regions ar major economic downturns,
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Actual and Potential GDP
T-145
Figure 20-2
Source,U.S,Department of Commerce and author ’ estimate,
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Unemployment Rises in Recessions,
Falls During Expansions
T-146
Figure 20-3
Source,U.S,Department of Labor,
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Consumer Price Inflation,
1929-1999
T-147
Figure 20-4
Source,U.S,Department of Labor,
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Aggregate Supply and Demand Determine
the Major Macroeconomic Variables
T-148
Figure 20-5
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Aggregate Price and Output Are Determined by
the Interaction of Aggregate Supply and Demand
T-149
Figure 20-6
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Wartime Boom Is Propelled By
Increasing Aggregate Demand
T-150
Figure 20-7
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Effects of Supply Shocks
T-151
Figure 20-8
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Growth in Potential Output Determines
Long-Run Economic Performance
T-152
Figure 20-9