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Question 1 In 1979-1980, OPEC's actions to restrict oil output significantly increased the world price of oil. What effect did this have on the AD-AS

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In 1979-1980, OPEC's actions to restrict oil output significantly increased the world price of oil. What effect did this have on the AD-AS macro model for Singapore (a small open economy that does not export oil or commodities)? Identify which curve was affected and describe the short-run effect on equilibrium real GDP and the price level

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