(Five Eras of U.S. Economy) Identify and briefly describe the five eras of the U.S. economy beginning with the Great Depression and before. (10 points) Explain how each of the events affects the demand for pizza by either stating an increase to the right, or decrease to the left, or a movement to the right or left on the demand curve. a.) The price of hotdogs, a substitute good, increases (1 point) b.) The health hazards of hamburgers are widely publicized (1 point) c.) An increase in the population of teenagers, the largest consumers of pizza (1 point) d.) The incomes of consumers rise and pizza is a normal good ( 1 point) e.) Consumers expect the price of pizza to fall next week (1 point) f.) The price of pizza increases (1 point) What is the law of supply or relationship between price and quantity supplied? points) Fill in the following table (9 points) (Supply-Side Economics) One supply-side measure introduced by the Reagan administration was a cut in income tax rates. What was the expected outcome to Aggregate Supply: mention the direction of the Aggregate Supply shift and the effect on the price level and real GDP? (5 points) Explain the difference between a change in quantity demanded and a change in demand? ( 2 points) If Mary's demand for a $5.00 cup of coffee is 2 cups of coffee and Ming's demand for a $5.00 cup of coffee is 3 cups of coffee, what is the market demand for a $5.00 cup of coffee? ( 2 points) (Aggregate Demand and Supply) For each of the following describe the direction of either Aggregate Demand, or Aggregate Supply would shift and the effect of Real GDP and the price level after the shift. (6 points) a. Consumer confidence declines which way would this shift AD? What is the effect of Real GDP and the price level? c. The supply of resources increases. Which way would AS shift? What is the effect on Real GDP and the price level? d. The wage rate increases. Which way would AS shift? What is the effect on Real GDP and the price level What does the law of demand state? ( 2 points) .) A survey indicated that chocolate is Americans favorite ice cream flavor. For the following, indicate the possible effects on supply for chocolate ice-cream by stating an increase to the right, or a decrease to the left, or a movement to the right or left on the supply curve. a.) Madcow disease causes dairy farmers to reduce the number of milk producing cows. (1 point) b.) The discovery of cheaper synthetic vanilla flavoring that lowers manufacturers' costs of producing vanilla ice-cream. (1 point) c.) New technology for mixing and freezing ice cream lowers manufacturers costs of producing ice-cream. (1 point) d.) The price of chocolate ice-cream decreases ( 1 point)