Macroeconomics 11th Edition by Michael Parkin

تمرين 13

Use the following data to work Problem. The following events have occurred in the history of the United States:
A deep recession hits the world economy.
The world oil price rises sharply.
U.S. businesses expect future profits to fall.
Explain the separate effects of each event on U.S. real GDP and the price level, starting from a position of long-run equilibrium.