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Answer Key Sample of what students should draw The Change AD/AS Model The Result PL 1. Before: A Label Point at LRAS AS original equilibrium B 1. Calvin, and other children, 2. Shifter Identify Shifter convince their parents to purchase 3. After: B Label Point more “big ticket” items for the A AD1 After Shift Holidays. 4. Gap: Identify if the shift AD results in an inflationary or GDPR recessionary gap based on the new output. AD/AS Practice Sheet Answers Shifter Gap Caused Consumer Spending Inflationary Actions of Gov Recessionary Question 1. 2. AD or AS AD Increase AS Decrease 3. AD Increase Net Exports Inflationary 4. 5. 6. 7. 8. 9. AD Decrease AS Increase AD Increase AS Increase AD Decrease AD Increase Gov Spending Resource Prices Consumer Spending Productivity Net Exports Investment Recessionary Inflationary Inflationary Inflationary Recessionary Inflationary 10. 11. 12. AD Decrease AD Increase AS Increase Consumer Spending Gov Spending Resource Prices Recessionary Inflationary Inflationary Notes Refers to cartoon below Key word “effects on production” Increases demand for US exports G is a shifter of AD Oil is a key resource Increases disposable income Key word “productivity” Less demand for US exports Key word “effect on investment” (This would also effect AS and LRAS when firms buy more capital) C is a shifter of AD G is a shifter of AD Wages are cost of production