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How does each of the following changes affect the real gross domestic product and price level of an open economy in the short run? Explain
How does each of the following changes affect the real gross domestic product and price level of an open economy in the short run? Explain each. (a) An increase in the price of crude oil, an important natural resource
(b) A technological change that increases the productivity of labor
(c) An increase in spending by consumers
(d) The depreciation of the country's currency in the foreign exchange market
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