AP Macroeconomics Quiz
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NATIONAL INCOME AND PRICE DETERMINATION
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Based on the AD–AS model shown, the economy starts in an inflationary gap (Y1>Y∗Y_1 > Y^*). Assume there are no policy actions. Over time, nominal wages rise as workers renegotiate contracts, increasing firms' production costs. Which of the following best identifies the curve shift and the long-run effect on output and the price level? Figure accompanying this question
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