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- The short run aggregate supply curve was constructed assuming that as the price of outputs increases, the puce of inputs stays the same. How would an increase in the prices of important inputs, like energy, affect aggregate supply?Assume an economy operates in the intermediate range of its aggregate supplycurve. For each of the following changes in conditions, state the direction of theeffect on: aggregate demand, aggregate supply, price level, real GDP.(a) A decrease in government expenditure in infrastructure(b) A severe recession occurs in a country which has been a major importer of thenation’s exports.(c) The federal government increases business taxes with diagramIllustrate and interpretthe short-run andlong-run aggregatesupply curves
- Determine whether each of the following would cause a shift in the aggregate demand curve , A shift in the aggregate supply curve, neither, or both. Which curve shifts and which direction? What happens to the aggregate output and the price levels in each case? A the price level changes. Be consumer confidence to clients. See the supply resources increase. D wage rate increases.Most economists use the aggregate demand and aggregate supply model primarily to analyzea. short-run fluctuations in the economy.b. the effects of macroeconomic policy on the prices of individual goods.c. the long-run effects of international trade policies.d. productivity and economic growth.A4 Imagine that in the year 2035, Japan’s economy shrinks significantly, causing a decrease in investment in the U.S. economy. Use the ADAS model to explain the likely short run impacts on U.S. GDP and the aggregate price level. What do you anticipate to happen to U.S. consumption expenditures and U.S. employment? Explain your reasoning for each of your predictions and show graphically as appropriate. Students may utilize Paint, Word (the shapes tool under Insert), OneNote (Draw tab), or hand draw the graphs.