Urgent Essay Help: Consider an open economy in which the aggregate supply curve slopes upward in the short run. Firms in this nation do not import raw materials or any other productive inputs from abroad, but foreign residents purchase many of the nation’s goods and services. What is the most likely short-run effect on this nation’s economy if there is a significant downturn in economic activity in other nations around the world?

Consider an open economy in which the aggregate supply curve slopes upward in the short run. Firms in this nation do not import raw materials or any other productive inputs from abroad, but foreign residents purchase many of the nation’s goods and services. What is the most likely short-run effect on this nation’s economy if there is a significant downturn in economic activity in other nations around the world?

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