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I need help 1. Describe the effects of each of the following events on the US economy (ie. What may happen to the price? To

I need help

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1. Describe the effects of each of the following events on the US economy (ie. What may happen to the price? To the real output?). Explain briefly what cause these effects (i.e. What happens to determinants of AD or AS or both? Why? ).Illustrate your answers in given AD-AS diagrams. Label your diagrams and changes carefully. a) Potential middle-east war pushed the price of oil higher. AS AD b) Technology innovation results in a more efficient production method of goods. AS AD c) Stock market crash in the early 2000s wiped out a significant amount of wealth of American households. P

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