Revised on 8-20 1. For each of the following economic conditions, place an X in the table to indicate the appropriate range + of the Aggregate Supply Curve Condition Keynesian | Intermediate Classical The nation is suffering through a severe recession The nation's factories are running at capacity RGDP and inflation are both growing at a moderate pace The central bank is implementing contractionary monetary policies to reduce high inflation A mid-point in the business cycle expansion phase GDP is expanded but prices remain unchanged Increasing job growth is accompanied by moderate inflation 2. Many exogenous factors can cause a shift in the Aggregate Supply Curve. For each of the following factors, place an X in the table to indicate how the AS curve would shift Factor AS shifts left AS shifts (decrease in right AS (increase in AS) World oil prices fall as technology increases oil production Environmental Protection Agency increases restrictions on industrial pollution Business taxes are reduced Improved batteries allow for widespread adoption of highly efficient electric motors Pandemic spreads across the world New comprehensive immigration legislation increases immigration Federal minimum wage is increased by 30%