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Suppose the economy is initially in long-run equilibrium.For each of the shocks listed below,explain the long-run effects on output and the price level.
(a)Labor supply decreases.
(b)The government shuts down the Bureau of Economic Analysis.
(c)Productivity increases.
Sample Variances
A measure of the variance (spread or variability) within a sample data set.
Null Hypothesis
A statement in hypothesis testing that there is no significant difference or effect, serving as the default assumption to be tested against alternative hypotheses.
Population Variances
A measure of the dispersion or spread of a set of data points within a population.
F-distributed
Pertaining to an F-distribution, used in statistical analysis to compare variances.
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