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Events affect the economy in immediate and long term

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    Assignment ID: FG132661460

    Suppose, initially the Australian economy is at full employment (in other words the economy is at the potential GDP). Using AD-AS model, explain how would each of the following events affect the economy both in the immediate and in the long term.

    a) A slowdown in China’s economic growth due to the sub-prime crisis in the US.

    b) Union wage settlements push the wage rate up.

    c) An increase in consumer confidence.

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