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Question

The effect of war on the economy (examine aggregate demand shifts and aggregate supply shifts).

a.   Is war good or bad for the economy?

b.  What are the opportunity costs of using resources in wars?

c.   How would a war affect aggregate supply? Graph the shift in aggregate supply. What happens to output and the price level?

d.  How would a war affect aggregate demand? Graph the shift in aggregate demand. What happens to output and the price level?

Step-by-step answer

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