Use the following information to work Problems 3 to 5.
The U.S. economy is at full employment when the world price of oil begins to rise sharply. Short-run aggregate supply decreases.
3.Explain how the U.S. price level and real GDP will change in the short run.
4.Explain how the U.S. price level and real GDP will change in the long run if the Fed takes monetary policy actions that are consistent with its objectives as set out in the Federal Reserve Act of 2000.
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