3. Suppose that over a 30-year period Buskerville’s price level increased from 72 to 138, while its real GDP rose from $1.2 trillion to $2.1 trillion. Did economic growth occur in Buskerville?

If so, by what average yearly rate in percentage terms (rounded to one decimal place)? Did Buskerville experience inflation? If so, by what average yearly rate in percentage terms (rounded to one decimal place)? Which shifted rightward faster in Buskerville: its long-run aggregate supply curve (ASLR) or its aggregate demand curve (AD)? LO38.2