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Using aggregate demand and aggregate supply,explain what happens in the short run if the Federal Reserve raises interest rates in the economy.Be sure to detail what happens to aggregate demand,the price level,the level of GDP,and unemployment.Assume that the economy is at full employment before the interest rate increase.
New Imperialism
An era of overseas expansion by European countries, the United States, and Japan in the late 19th and early 20th centuries.
Second Industrial Revolution
A phase of rapid industrialization in the final third of the 19th century and the beginning of the 20th, known for advancements in steel production, electricity, and chemical synthesis.
Scramble for Africa
The rapid colonization of Africa by European powers during the late 19th and early 20th centuries, driven by economic interests, political competition, and cultural motives.
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