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SECTION I: MULTIPLE CHOICE
Question 1: If a banking system has ample reserves, which of the following is an action taken by the central bank that would cause a decrease in the cyclical rate of unemployment in the short run?
SECTION II: FREE RESPONSE
Question 1: The economy of Shaunland is in long-run equilibrium.
(a) Draw a correctly labeled graph of the aggregate demand, short-run aggregate supply, and long-run aggregate supply curves, and show each of the following.