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Essay1 pointsQuestionUse the aggregate demand–aggregate supply model to graphically illustrate the difference between demand-pull andcost-push inflation. Explain your graphs in words.
Add Question HereEssay1 pointsQuestionIllustrate the short-run and long-run impact of an unexpected monetary contraction using both the ADASmodel andthe Phillips curve. Assume the economy starts at full employment.
Add Question HereEssay1 pointsQuestionHow would an adverse supply shock change the short-run tradeoff between inflation and unemployment? Illustrateyour answer using a Phillips curve diagram.
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