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Question
The significant run-up in oil prices during the latter 2000s was an example of
A) an aggregate demand shock that increased the price level and increased the rate of growth of real Gross Domestic Product (GDP).
B) an aggregate demand shock that reduced the price level and reduced the rate of growth of real Gross Domestic Product (GDP).
C) an aggregate supply shock that increased the price level and reduced the rate of growth of real Gross Domestic Product (GDP).
D) an aggregate supply shock that reduced the price level and increased the rate of growth of real Gross Domestic Product (GDP).
Answer
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