For each of the following five events, identify three things: i) whether it will impact aggregate demand or aggregate supply, ii) whether the new short-run equilibrium involves a higher or lower aggregate output level, and iii) whether the new real-price level will be higher or lower.

a)The government announces plans to start construction on a number of hydroelectric projects

b)Reliable reports indicate an increase in business confidence

c)Global oil prices have increased on strong demand from China and India

d)The government announces plans to begin subsidizing the price of bread to consumers

e)Housing prices continue to surge upward, hitting a new all-time high