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Real GDP Unemployment rate Price Level (in billions of US dollars) (% of the labor force) 2017 41.9 11.3 100 2018 31.6 12.6 107 a. Between 2017 and 2018, what happened to real GDP and the price level? What is the specific name of this economic situation? (10 points) b. Was the economy in recession or expansion in 2018? How do you know? (5 points) C. Was the economic situation due to a short-run change in aggregate demand or due to a supply shock? Explain. (5 points) d. Following this economic event, what would you think happened to potential GDP? Did it increase or decrease? Why? Based on your analysis of what happened, describe the expected long-run effects without government intervention (10 points)