a. Shift the appropriate curve or curves to show the initial short-run adjustment. Then place the points for short-run equilibrium and long-run equilibrium in their appropriate places. IS-LM Model Long-run equilibrium Short-run equilibrium LM IS Income, Output, Y Real Interest Rate, r

Oil price shocks have an evident impact on the short run aggregrate supply curve. With the help of a graph demonstrate how rising oil prices effect the SRAS and explain what other factors can cause this shift.

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(a) In the short run, the aggregate supply curve is (b) In the long run, the aggregate supply curve is Part 2  Which of the following explain the shape of the short-run aggregate supply curve? Choose one or more: OA. inflexible input prices OB. money illusion OC. international trade effects OD. menu costs O E. wealth effects

e. Again, suppose the economy is initially at a long-run equilibrium and that the Fed then increases the money supply. In the following three diagrams, assume the resulting inflation is expected. Show the long-run equilibrium by shifting the appropriate curve or curves and/or placing the point for long-run equilibrium in its appropriate place. IS-LM Model Long-run equilibrium LM IS Income, Output, Y Interest Rate, r

The economy of Ashenvale is currently in a long-run equilibrium, depicted by point E. on the graph. Suppose that there is an AS shock to the economy and the AS curve shifts to the right, as shown by the AS, curve on the graph. Which of the following factors could have caused this shock? A. a decrease in investment expenditures B. a decrease in the price of oil C. a decrease in government spending OD. an increase in exports OE. an increase in the factor prices Price Level (P) 2,400- 2,000- 1,600- 1,200- 800- 400- 0+ 2,000 Economy of Ashenvale 4,000 ¡Y* 6,000 Real GDP (Y) ASO Eo 8,000 AS₁ ADO 10,0

True or False? What we call “short-run output,” denoted by Ỹ, is measured in dollars. True False