a. If long-run aggregate supply rate shocks do largely explain business fluctuation while the aggregate demand curve
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b. The following chart portrays historical U.S. data on the relationship between the price level and real GDP. If you take a look at the big swings in the 1970s and early 1980s, especially during recessions, do the data roughly suggest that growth rate shocks or aggregate demand shocks were the primary disturbance?
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a Prices should be higher than usual during a recession b In the 1970s and ear...View the full answer
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