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What you should do before starting:
This is the writing assignment for Section 3, which includes chapters 6, 11, 12, 13, and 14 in your textbook. You should read those chapters and watch the videos in the corresponding Modules so that you are familiar with the basic tools and terminology used by economists, including the Aggregate Supply-Aggregate Demand model.
The Assignment:
Read “How big is the threat of inflation in the post-pandemic era? Politifact explains”.
Write a paragraph explaining the following things:
Which factors described in the story would cause Aggregate Demand to shift to the right?
Which factors described in the story would cause Short Run Aggregate Supply to shift to the left?
Taking these two shifts together, explain what you expect to happen to the price level.
You don’t need to draw a graph in Canvas or use any math; just explain using words.
Grading:
You will receive 0 points if you do not complete the assignment, or if you write something completely irrelevant to the assignment.
You will receive 1 point if you incorrectly explain one or more points.
You will receive 2 points if you correctly cite at least one Aggregate Demand shifter, at least one Short Run Aggregate Supply shifter, and correctly explain what happens to the price level and why. .
Remember that this is not an essay or a research paper. One full paragraph, approximately 8-12 sentences, carefully following the directions should be sufficient to earn full credit.
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