Suppose the economy experiences a "supply shock" due to a fall in oil prices. As a result, the economy experiences a/an ___________in the price level and a/an _______in the level of output(GDP) Group of answer choices Decrease; decrease Increase; increase Decrease; increase Increase; decreas

MACROECONOMICS
14th Edition
ISBN:9781337794985
Author:Baumol
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Chapter9: Demand-side Equilibrium: Unemployment Or Inflation?
Section9.A: The Simple Algebra Of Income Determination And The Multiplier
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Suppose the economy experiences a "supply shock" due to a fall in oil prices. As a result, the economy experiences a/an ___________in the price level and a/an _______in the level of output(GDP)
Group of answer choices
Decrease; decrease
Increase; increase
Decrease; increase
Increase; decreas
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