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Can you assist me on 1A through 1F?Thank you!! Lesson 08 Concep Test 1. From the article U.S. Consumer Confidence Declined in November published at

Can you assist me on 1A through 1F?Thank you!!

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Lesson 08 Concep Test 1. From the article "U.S. Consumer Confidence Declined in November" published at www.wsj.com on November 26th, 2019: "A measure of U.S. consumer confidence fell in November for the fourth month in a row, another sign that American households are pulling back amid a global slowdown and continued trade war fears." a. Let's start by assuming the US was producing at the full-employment level of output (Yp) with an arbitrary price level (P) before the decline in consumer confidence. Represent the US economy at this point with an aggregate demand-aggregate supply graph. Label this initial equilibrium as point A. b. The value of consumer confidence decreases, as mentioned in the quote above. Assuming this was the only change in the economy, show how this affects the short run equilibrium in your diagram in part a. Label this new point as point B. c. According to your diagram, is this economy in an expansion or a recession? Explain. d. Is a flatter SRAS curve representative of an economy with sticky prices or flexible prices? Explain. e. Assuming there is no government intervention and all prices are eventually flexible, what will happen in the long run? Be specific and talk about how your entire diagram in part a would change. f. Show this change on your diagram in part a. Label the new point as point C

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