The previous 2 calendar years have been characterized by economic issues surrounding the COVID-19 pandemic, and the U.S. economy's recovery from the pandemic.

• In 2021, U.S. prices rose as measured by the Consumer Price Index (SOURCE: https://fred.stlouisfed.org/series/CPIAUCSLLinks to an external site.). U.S. real GDP also rose (SOURCE: https://fred.stlouisfed.org/series/GDPC1Links to an external site.). Considering those observations for prices and real GDP, in which portion of the SRAS curve (Keynesian, intermediate, or neoclassical) do you believe the U.S. economy was operating in 2021? Explain the reasoning for your belief.
• Moving forward to 2022, look at U.S. price and real GDP data. What was happening to prices and real GDP? In which portion of the SRAS curve (Keynesian, intermediate, or neoclassical) do you believe the U.S. economy was operating 2022? And why do you believe that?
• Finally, state your projection for whether the U.S. economy will operate in the Keynesian, intermediate, or neoclassical zone of the SRAS curve in 2023.