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Exam III FIRST NAME: LAST NAME: POINTS: 10/question. I Graphical 1. Economic analysis: Clearly mark the original curves and equilibrium before the impact and new curves and equilibrium after the impact. Assume that the economy is at the full employment before the shock. (a) Show the long-run and short-run impact of a (b) Show the long-run and short-run impact of a negative wealth shock using AD-AS model. positive supply shock using Phillips model. 2. Policy analysis: Impact of a tax hike assuming the economy is initially facing inflationary gap. Please mark the original AD as ADo and AS as ASo. Show (wherever applicable) the shift and mark the new AD as AD, and/or AS as AS1. (a) Short-run impact. (b) Long-run impact. 3. Show the impact of the Fed's sale of government securities on the economy using the following models: (a) AD-AS model. (b) Phillips Curve. 1