economy is in the long-run macroeconomic equilibrium, there is no unemployment
economy is in the long-run macroeconomic equilibrium, there is no unemployment? True or false? Explain (1 point)
4.
Suppose the following table illustrates the values of actual Real GDP
(Y), the potential Real GDP (Y*), and the price level in year 2020 and
year 2021. Assume the NRU = 5%
3. Explain and illustrate graphically
how an increase in crude oil prices can cause recession. (Assume that
initially the economy is in the long-run macroeconomic equilibrium, then
the increase in the crude oil price takes place).