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Consider the following events separately and independently of each other: a) Households decide to save, instead of spend, a larger share of their income; b)

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Consider the following events separately and independently of each other: a) Households decide to save, instead of spend, a larger share of their income; b) Increased job opportunities overseas cause many people to leave the country; c) The government reduces taxes on dividends and capital gains. In one or two brief sentences, explain how each of these events might shift the AD, SAS or LAS curves and the resulting effect on (i) GDP and (ii) the price level in the economy. For each event please distinguish between the short-run and long-run

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