Summarizing Aggregate Demand and Aggregate Supply Shifts For each of the events below, make additions to the graph to illustrate the change. Then indicate the response in terms of shifts in or movements along the aggregate demand or aggregate supply curve and the short-run effect on real GDP and the price level. Indicate shifts in the curve by S and movements along the curve by A. Indicate the changes in price level, unemployment and real GDP with the letter I for an increase and the letter D for a decrease. Boom in investment spending; assume not all resources are employed Increase in labor productivity due to a technological change A change in policy by the Fed raises interest rates causing a major reduction in business investment. Increase in the price of inputs used by many firms