There were two major shocks to the U . economy in 2007 leading to a severe economic slowdown . One shock was related to oil prices ; the other was...
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10) There were two major shocks to the U.S. economy in 2007 leading to a severe economic slowdown. One shock was related to oil prices; the other was the slump in the housing market.

This question analyzes the effect of these two shocks on GDP using the AD-AS framework.
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d.The effect on the aggregate price level is ambiguous, and the effect on the GDP is a fall inGDP.
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