I/IN AD Real GDP (Y) Suppose a revolution in Iran results in a significant reduction in the world's supply of oil. a. Dr

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I In Ad Real Gdp Y Suppose A Revolution In Iran Results In A Significant Reduction In The World S Supply Of Oil A Dr 1 (38.15 KiB) Viewed 19 times

I/IN AD Real GDP (Y) Suppose a revolution in Iran results in a significant reduction in the world's supply of oil. a. Drag the appropriate line in the correct direction to show the short-run effect on the AS-AD model. This will: O Increase output and lower the price level. reduce output and raise the price level. O Increase output and raise the price level. O reduce output and lower the price level. b. Suppose the government takes no action to help the economy. Eventually, the price level [(Click to select) and output[(Click to select) c. Suppose, Instead, the government decides to take action to help the economy. The government can recommend: raising taxes and/or raising spending. doing nothing. cutting taxes and/or cutting spending. O cutting taxes and/or raising spending. raising taxes and/or cutting spending. d. If Canadian government makes the appropriate policy response, what happens to price levels and output in the long run. In the long run, the price level [(Click to select) and output (Click to select) Price I