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QUESTION 1 Remember the four steps for analyzing economic fluctuations: 1. Determine whether the event shifts AD, SRAS, or LRAS. 2. Determine whether curve shifts left or right. 3. Use AD-AS diagram to see how the shift changes Y and P in the short run. 4. Use AD-AS diagram to see how economy moves from new SR equilibrium to final LR equilibrium. Example 1: The Great Depression: Which curve is shifting and to which side? P LRAS SRAS, A AD Y YN O AD; right O AD; left O SRAS; right O SRAS; left O LRAS; right O LRAS; leftQUESTION 2 Example 1: The Great Depression: Compared with the original equilibrium, in the new short run macroeconomic equilibrium, Y and P ? Y A. increases P B. stays the same C. decreases