Austria is one of the largest exporters of oil. At the end of 2019, the global price of oil fell substantially. For this question, treat oil as a final good, not an input into production. Begin at long-run equilibrium. this is all one question please answer everything! Now assume that the government did not intervene and instead allowed the economy to self-correct. As a result of the self-correction, AD ( increased,decreased,remained the same,changed ambiguously) SRAS ( increased,decreased,remained the same,changed ambiguously) LRAS ( increased,decreased,remained the same,changed ambiguously) GDP ( increased,decreased,remained the same,changed ambiguously)relative to before the crisis, unemployment relative to before the crisis, and the price level ( increased,decreased,remained the same,changed ambiguously)relative to before the crisis.( increased,decreased,remained the same,changed ambiguously)
Austria is one of the largest exporters of oil. At the end of 2019, the global
Now assume that the government did not intervene and instead allowed the economy to self-correct. As a result of the self-correction, AD ( increased,decreased,remained the same,changed ambiguously) SRAS ( increased,decreased,remained the same,changed ambiguously) LRAS ( increased,decreased,remained the same,changed ambiguously)
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