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The significant run-up in oil prices from 2005-2010 was an example of
a. an aggregate demand shock that increased the price level and increased the rate of growth of real GDP.
b. an aggregate demand shock that reduced the price level and reduced the rate of growth of real GDP.
c. an aggregate supply shock that increased the price level and reduced the rate of growth of real GDP.
d. an aggregate supply shock that reduced the price level and increased the rate of growth of real GDP.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9463240

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