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Suppose the economy is initially in long-run equilibrium. Now suppose oil prices rise sharply and at the same time, policymakers pursue expansionary monetary and fiscal policies. Which of the following will occur as a result of these two events?
Real Defense
A defense in law that allows a promissory note or negotiable instrument to be invalidated based on factors like fraud or forgery.
Holder in Due Course
A legal term describing someone who has acquired a negotiable instrument (like a check) in good faith and without knowledge of any defects.
Gambling
The act of wagering money or valuables on the outcome of a game or event with an uncertain result, with the primary intent of winning additional money or goods.
Real Defense
A legal defense that is valid against all the world, including bona fide purchasers or holders in due course.
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