Question 6 The following events occur that influence the economy of Toughtimes: A deep recession hit

Question 6 The following events occur that influence the economy of Toughtimes: A deep recession hits the world economy Oil prices rise sharply Businesses expect huge losses in the near future a Explain the separate effects of each of these events on real GDP and the price level in Toughtimes, starting from a position of long-run equilibrium (Note: There will be three graphs for this question (One event at a time)

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