Polecon 107 midterm - Study guides, Class notes & Summaries
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Polecon 107 Midterm
- Exam (elaborations) • 13 pages • 2024
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Polecon 107 Midterm 
 -qualified answers - GDP (output): fluctuations but overall steady/flat 
- General prices: general price level at the end of the civil war and end of WWI were the 
same, but prices went up and down (inflation and deflation) 
- employment: volatility similar to GDP and general prices 
1920s -qualified answers - GDP/Output: 4.2% growth in output (normally 2% growth in 
US) 
- General Prices: moderate deflation 
- Unemployment rate: around 5% 
- time when there was more bei...
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