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1. Look for an article in a recent newspaper illustrating a change that will affect national income. 2. Analyze the situation using economic reasoning. 3.

1. Look for an article in a recent newspaper illustrating a change that will affect national income.

2. Analyze the situation using economic reasoning.

3. Draw an aggregate demand and aggregate supply graph to explain this change. Be sure to label your graph and clearly indicate which curve shifts. Explain what happens to national income and to the price level in the short run.

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