Affect the equilibrium price level and real gdp

Reference no: EM13685501

Use an aggregate demand and aggregate supply diagram to illustrate and describe how each of the following will affect the equilibrium price level and real GDP

1. Consumers expect a recession

2. Foreign income rises

3. Foreign price levels fall

4. Government spending increases

5. Workers expect higher future inflation and negotiate higher wages now.

Reference no: EM13685501

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