Question: Show your work and explain your answers fully in your own words. GDP are affected by each of the scenarios in both the short-run and

Show your work and explain your answers fully in your own

Show your work and explain your answers fully in your own words. GDP are affected by each of the scenarios in both the short-run and the longrun {You can select individual curves and then copy and paste them into the graph.} HINT: Mal-(e a separate graph for the shortrun and longrun. Assume that the scenario describes a situation that is unanticipated. Explain your reasoning fully. Europe is a major trading partner for the U.S. Show and explain the effect of a surprise major recession in Europe that reduces their income, other things constant. Pce YF Real GDP

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The status rule: We tend to have more confidence in information presented by someone who has a relatively high status and rank in society than by someone who hasnt.