Question: 1.Using the circular ow model, explain what might happen to the level of income of an economy,if it experiences an increase in exports and an

1.Using the circular ow model, explain what might happen to the level of income of an economy,if it experiences an increase in exports and an increase in taxes.

2.Explain the reasoning behind the shapes of the short-run aggregate supply (SRAS) curve and the long-run aggregate supply (LRAS) curve.

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