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Suppose there is an unexpected increase in real interest rates. Using the AD/AS model, describe the effects of this policy in the long run and the short run, assuming everything else equal.
Economic Person
A concept in economics and sociology that describes an individual who acts in a rational manner, making decisions based on maximizing personal financial gain.
Rational Decisions
Choices made based on logical reasoning, where alternatives are objectively evaluated based on facts and a clear understanding of goals.
Economic Gain
The benefit or profit derived from engaging in economic activities or investments.
Programmed Solution
Predetermined responses or solutions to routine problems or issues.
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