Q-5 Draw the impact on the AS/AD model for each scenario below. Determine the impact on Real
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Q-5Draw the impact on the AS/AD model for each scenario below. Determine the impact on Real GDP, price level, unemployment, and the business cycle. First fill the table and then explain each scenario.
Use the following terminologies:
1) Real GDP: Increaseordecrease
2) Price Level: Increaseordecrease
3) Unemployment: Increaseordecrease
4) Business Cycle: ExpansionorContraction
Use the following lines to show shifting in AD or AS, just drag it to right place and then compare the new equilibrium with the previous one.
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