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What is the definition and what are the characteristics of

1 Households' consumption at current prices rises from £100 billion in year 1 to £110 billion in year 2. Over the same period inflation is 10 per cent. What is the level of households' consumption at constant (year 1) prices in year 2?

2 What is the definition and what are the characteristics of a recession?

3 What is the definition and what are the characteristics of a recovery?

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Microeconomics: What is the definition and what are the characteristics of

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