1.3.1 Renewed tensions in the Middle-East threaten to push the oil prices upwards. What impact might a...

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1.3.1 Renewed tensions in the Middle-East threaten to push the oil prices upwards. What impact might a new increase in oil prices have on the aggregate price level and on real GDP in your country? Illustrate your answer with aggregate demand and aggregate supply curves. What could your central bank do, if it desired to maintain aggregate output at its actual level?

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