Changes in equilibrium real output and price level

Reference no: EM1313676

Explain how each of the following scenarios would cause the aggregate demand, short-run aggregate supply, and/or long-run aggregate supply curve to shift and in what direction. Also explain how this shift would affect the equilibrium price level and real GDP.

1. Consumers expect a recession.

2. Domestic technology improves.

3. Foreign price level rises.

4. Government spending falls.

5. Higher future income is expected.

6. Resource prices fall.

Reference no: EM1313676

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