25 Jul Option 1: While over the long run, the economy grows about
Option 1: While over the long run, the economy grows about 2 to 3% per year on average, over the shorter term, the economy goes through business cycles. Think about the growth rate of GDP, the inflation rate, and the unemployment rate over the last 12 months. What conclusions about the state of the economy? Would you describe the economy as booming, recovering, or in recession during the last few years? Why? Use the AD-AS model to describe the economy. Which curve do you think caused the change? Explain your reasoning.OROption 2: Watch the Shifts in Aggregate Demand video (Links to an external site.)Links to an external site. (https://courses.lumenlearning.com/wmopen-macroeconomics/chapter/shifts-in-aggregate-demand/) (embedded in the reading) and summarize the factors that cause the AD curve to shift. Did the video help you understand the model? Pick one of the four scenarios listed below the video and explain in your own words which way the AD curve will shift.Grading criteria: Correctness of assigned discussion question (5 points). Main post (answer to assigned discussion question) posted by Monday at 11:59pm (1 points). Reply to two classmates OR one classmates and instructor by Wednesday at 11:59pm with substantive responses (2 points). Post is free of spelling and grammar errors (1 points). Post follows netiquette guidelines (1 points).Total Points: 10
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