For each of the following scenarios, say whether the shock was a demand-side shock, a supply-side shock, or a combination of both shocks.
a. The price level and GDP both fell. GDP then increased, but the price level fell even further.
The shock was a (supply-side shock OR combination of both shocks OR demand-side shock)
b. In the long run, the economy had the same level of output but a higher price level.
The shock was a (supply-side shock OR combination of both shocks OR demand-side shock)
c. In the short run, the price level increased, but GDP fell.
The shock was a (supply-side shock OR combination of both shocks OR demand-side shock)
d. In the long run, GDP increased, and the price level fell.
The shock was a (supply-side shock OR combination of both shocks OR demand-side shock)
e. In the long run, GDP increased, and the price level was constant.
The shock was a (supply-side shock OR combination of both shocks OR demand-side shock)
For each of the following scenarios, say whether the shock was a demand-side shock, a supply-side shock, or a combination of both shocks.
a. The price level and GDP both fell. GDP then increased, but the price level fell even further.
The shock was a (supply-side shock OR combination of both shocks OR demand-side shock)
b. In the long run, the economy had the same level of output but a higher price level.
The shock was a (supply-side shock OR combination of both shocks OR demand-side shock)
c. In the short run, the price level increased, but GDP fell.
The shock was a (supply-side shock OR combination of both shocks OR demand-side shock)
d. In the long run, GDP increased, and the price level fell.
The shock was a (supply-side shock OR combination of both shocks OR demand-side shock)
e. In the long run, GDP increased, and the price level was constant.
The shock was a (supply-side shock OR combination of both shocks OR demand-side shock)