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Short-Run Effect On... Long-Run Effect On... Event Output Price Level Output Price Level The stock market declines sharply, reducing consumers' No change Y Decrease wealth.

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Short-Run Effect On... Long-Run Effect On... Event Output Price Level Output Price Level The stock market declines sharply, reducing consumers' No change Y Decrease wealth. The federal government increases spending on national defense. A technological improvement raises productivity. A recession overseas causes foreigners to buy fewer U.S. goods

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