Evaluate the effect on the following events on the AD curve, AS curve (Short Run AS), equilibirum price and equilibrium output. Also draw the relevevant graphs.

1. U.S. imposes tarrifs on foreign goods to promote domestic industry. Tariff is supposed to reduce U.S. imports.

2. Congress decides to cut personal income taxes raising disposable income for consumers.

3. U.S. oil companies discover new large oil reserves in the U.S. The International price of oil falls.

4. Falling stock market prices reduces the wealth of Americans. As a result, they spend less.