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Equilibrium GDP is the same as full employment. Do you agree or disagree? Explain in 3 sentences. ( 4 points) 2. Assume

"Equilibrium GDP is the same as full employment." Do you agree or disagree? Explain in 3 sentences. ( 4 points)

2. Assume an economy operates in the intermediate range of its aggregate supply curve. State the direction of shift for the aggregate demand or aggregate supply curve for each of the following changes in conditions. What is the effect on the price level and real GDP? (3+3=6 points)

a.) The price of crude oil rises significantly.

b.) The US government cuts Income Taxes.

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