Answer 9 and upwards, Don't have to answer question 8. The graph is the reference for the other questions till 13 below it.

Question 8 Price Level 215 212 210 LRAS LRAS' SRAS SRAS" 28.5 30 31 33 SRAS' Refer to the figure above to answer Questions 8 - 13. AD Real GDP ($ billions) 1 pts Assume the economy is in long-run equilibrium where LRAS, AD, and SRAS (the black curves in the graph) intersect. In this particular long-run equilibrium, the potential GDP in this economy is $ 31 billion and the price level is 210 Suppose there is a positive supply shock from an improvement in technology. As a result, SRAS will shift to the right and LRAS will shift to the right Question 9 Refer to the figure in Question 8. After the positive supply shock described in Question 8, the potential GDP in this economy is $ 33 billion. The output in the new short-run equilibrium is $ billion, the price level is [Select] 33 is a recessionary gap Question 10 Question 11 1 pts , and there Refer to the figure in Question 8. Assume the economy is long-run equilibrium where LRAS, AD, and SRAS (the black curves on the graph) intersect. There is a positive supply shock from an unexpected decrease in the price of oil. As a result, SRAS will [Select] and LRAS will [Select] 31 1 pts 1 pts Refer to the figure in Question 8. After the positive supply shock described in Question 10, the potential GDP in this economy is $ 30 billion. The output in the new short-run equilibrium is $ billion and the price level is 210 Question 12 Refer to the figure in Question 8. Assume the economy is in long-run equilibrium where LRAS, AD, and SRAS (the black curves on the graph) intersect. There is an adverse supply shock from increased shipping and input costs firms are facing due to supply chain issues worldwide. As a result, SRAS will [Select] and LRAS will [Select] Question 13 1 pts 28.5 Refer to the figure in Question 8. After the adverse supply shock described in Question 12, the potential GDP in this economy is $ billion. The output in the new short-run equilibrium is $ 30 billion, the price level is 215 economy is experiencing a recessionary gap 1 pts and the Question 8 Price Level 215 212 210 LRAS LRAS' SRAS SRAS" 28.5 30 31 33 SRAS' Refer to the figure above to answer Questions 8 - 13. AD Real GDP ($ billions) 1 pts Assume the economy is in long-run equilibrium where LRAS, AD, and SRAS (the black curves in the graph) intersect. In this particular long-run equilibrium, the potential GDP in this economy is $ 31 billion and the price level is 210 Suppose there is a positive supply shock from an improvement in technology. As a result, SRAS will shift to the right and LRAS will shift to the right Question 9 Refer to the figure in Question 8. After the positive supply shock described in Question 8, the potential GDP in this economy is $ 33 billion. The output in the new short-run equilibrium is $ billion, the price level is [Select] 33 is a recessionary gap Question 10 Question 11 1 pts , and there Refer to the figure in Question 8. Assume the economy is long-run equilibrium where LRAS, AD, and SRAS (the black curves on the graph) intersect. There is a positive supply shock from an unexpected decrease in the price of oil. As a result, SRAS will [Select] and LRAS will [Select] 31 1 pts 1 pts Refer to the figure in Question 8. After the positive supply shock described in Question 10, the potential GDP in this economy is $ 30 billion. The output in the new short-run equilibrium is $ billion and the price level is 210 Question 12 Refer to the figure in Question 8. Assume the economy is in long-run equilibrium where LRAS, AD, and SRAS (the black curves on the graph) intersect. There is an adverse supply shock from increased shipping and input costs firms are facing due to supply chain issues worldwide. As a result, SRAS will [Select] and LRAS will [Select] Question 13 1 pts 28.5 Refer to the figure in Question 8. After the adverse supply shock described in Question 12, the potential GDP in this economy is $ billion. The output in the new short-run equilibrium is $ 30 billion, the price level is 215 economy is experiencing a recessionary gap 1 pts and the