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Note: The answer should be typed. Examine the graph below and answer the questions which follow, Not yet answered Marked out of LAS 5.00 F

Note: The answer should be typed.
Examine the graph below and answer the questions which follow, Not yet answered Marked out of LAS 5.00 F Flag question Price Ine Let's suppose the economy was originally at the Full Employment level (AD and AS2), but the negative AS shock occurred and it is currently at Y1 (AD and AS1). a) What kind of negative AS shock caused this recessionary gap? b) What would be the effect of Expansionary Fiscal and Monetary Policy? c) What would be the effect of Contractionary Fiscal and Monetary Policy? d) What policy would you recommend to cure this recessionary gap? Activate Wing Examine the graph below and answer the questions which follow. answered Marked out of 500 P Flag question Let's suppose the economy was originally at the Full Employment level (AD and AS2), but the negative AS shock occurred and it is currently at Y1 (AD and AS1). a) What kind of negative AS shock caused this recessionary gap? b) What would be the effect of Expansionary Fiscal and Monetary Policy? c) What would be the effect of Contractionary Fiscal and Monetary Policy? d) What policy would you recommend to cure this recessionary gap

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