4. During the period 1973-1975, the United States experienced a deep recession with a simultaneous sharp rise
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4. During the period 1973-1975, the United States experienced a deep recession with a simultaneous sharp rise in the price level. Would you conclude that the recession was the result of a supply shock or a demand shock? Illustrate, using AD-AS analysis.
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Related Book For 
Macroeconomics Value Edition
ISBN: 978-0136114895
7th Edition
Authors: Andrew B. Abel ,Ben Bernanke ,Dean Croushore
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