(2)Explain how each of the following will shift the aggregate demand (AD) or aggregate supply curve(AS), other things equal.

(a)A major increase in healthcare spending by the federal government

(b)A 10 per cent across the board reduction in personal income tax rates

(c) A sizeable increase in labor productivity (with no change in nominal wages)

(d)An increase in exports that exceeds the increase in imports

(e)A reduction in interest rates at each price level.