In mid-2014, the price of oil dropped significantly and reached its lowest in January 2016, when a

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In mid-2014, the price of oil dropped significantly and reached its lowest in January 2016, when a barrel of Brent oil cost only $28. How would you expect it to impact the aggregate price level and GDP of your country? Illustrate your answer with aggregate demand and supply curves. Would the central bank need to adopt correctional polices? State your recommendation and explain your rationale.

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Principles Of Macroeconomics

ISBN: 9781292303826

13th Global Edition

Authors: Karl E. Case,Ray C. Fair , Sharon E. Oster

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