uring World War I and World War II, the U.S. government spent large sums of money on the war effort. Following both of these periods, the nited States experienced double-digit inflation. he following diagram shows the aggregate demand (AD) and aggregate supply (AS) curves for the United States before the inflationary period. hift one of the curves to illustrate the primary cause of the inflation described in the preceding paragraph. (?)

uring World War I and World War II, the U.S. government spent large sums of money on the war effort. Following both of these periods, the nited States experienced double-digit inflation. he following diagram shows the aggregate demand (AD) and aggregate supply (AS) curves for the United States before the inflationary period. hift one of the curves to illustrate the primary cause of the inflation described in the preceding paragraph. (?)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Need help with this. Please show how to do the graph too. Thanks!

During World War I and World War II, the U.S. government spent large sums of money on the war effort. Following both of these periods, the
United States experienced double-digit inflation.
The following diagram shows the aggregate demand (AD) and aggregate supply (AS) curves for the United States before the inflationary period.
Shift one of the curves to illustrate the primary cause of the inflation described in the preceding paragraph.
PRICE LEVEL
REAL GDP
Cost-push/demand-pull
This kind of inflation is called
AD
AS
| 2 | 2
an increase/a decrease
inflation. Inflation of this type is accompanied by
in aggregate output.

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