Oil prices have risen quite a bit in the last four months.  Use the AD-AS model (along with a labor market graph) to show and explain how this will affect Y, N, W/P, and P over time. Does the increase in oil prices make the Fed’s job easier or harder? Explain.  Finally, there has been a boom in oil and natural gas exploration and development over the last decade. Show and explain how this may impact Y, N, W/P, and P over time.

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