Aggregate demand and supply in us history

In the following four questions, use the aggregate demand and aggregate supply moded to describe the economic effects of each event/scenario described below. You will NOT draw a graph, but it will explain what happens in words. ( Hint: you can use your scratch paper to draw the graph if that helps with your explanation.)

Explain briefly the following:

1. What caused the change? (what non-price determinant of demand or supply changed? For example, income increased, costs of production decreased, etc.)

2. What happened to AD or AS? (increase, decrease, or unchanged)

- (Hint: to simplify your analysis, assume only one curve is shiting either Aggregate Demand or Aggregate Supply only.)

3. What was the effect on Real GDP and the Price-level (increase, decrease, or unchanged)

Q4. (December 2020) President-elect Biden is proposing a plan to forgive up to $10,000 of student loan debt for all borrowers. No kidding! It's estimated this will be enough to eliminate the student loan debt for 15 million Americans. This could include many of you. (Maybe I shouldn't have paid mine off)