By using aggregate supply and demand curves to illustrate your points, discuss the impacts of the following events on the price level and on equilibrium GDP (Y) in the short run:

a. A tax cut holding government purchases constant with the economy operating at near full capacity

b. An increase in the money supply during a period of high unemployment and excess industrial capacity

c. An increase in the price of oil caused by a war in the Middle East, assuming that the Fed attempts to keep interest rates constant by accommodating inflation

d. An increase in taxes and a cut in government spending supported by a cooperative Fed acting to keep output from falling