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,notan input into production. Begin at long-run equilibrium. this is all one question please answer everything!As a result of the fall in the price of oil, Austria's AD( increased,decreased,remained the same,changed ambiguously), SRAS( increased,decreased,remained the same,changed ambiguously), and LRAS( increased,decreased,remained the same,changed ambiguously) GDP( increased,decreased,remained the same,changed ambiguously), unemployment( increased,decreased,remained the same,changed ambiguously)and the price level increaseddecreasedremained the samechanged ambiguously.Assume that the government intervened to resolve the output gap. As a result of the government intervention, AD( increased,decreased,remained the same,changed ambiguously)SRAS( increased,decreased,remained the same,changed ambiguously) and LRAS( increased,decreased,remained the same,changed ambiguously) GDP( increased,decreased,remained the same,changed ambiguously)relative tobefore the crisis,unemployment( increased,decreased,remained the same,changed ambiguously)relative tobefore the crisis, and the price level( increased,decreased,remained the same,changed ambiguously)relative tobeforethe crisis.

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...

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,notan input into production. Begin at long-run equilibrium. this is all one question please answer everything!
As a result of the fall in the price of oil, Austria's AD( increased,decreased,remained the same,changed ambiguously), SRAS( increased,decreased,remained the same,changed ambiguously), and LRAS( increased,decreased,remained the same,changed ambiguously) GDP( increased,decreased,remained the same,changed ambiguously), unemployment( increased,decreased,remained the same,changed ambiguously)and the price level increaseddecreasedremained the samechanged ambiguously.
Assume that the government intervened to resolve the output gap. As a result of the government intervention, AD( increased,decreased,remained the same,changed ambiguously)SRAS( increased,decreased,remained the same,changed ambiguously) and LRAS( increased,decreased,remained the same,changed ambiguously) GDP( increased,decreased,remained the same,changed ambiguously)relative tobefore the crisis,unemployment( increased,decreased,remained the same,changed ambiguously)relative tobefore the crisis, and the price level( increased,decreased,remained the same,changed ambiguously)relative tobeforethe crisis.

Jun 09, 2022