V. Evaluate the effect of the following on the AD curve, Short-Run AS curve, equilibrium price level(P) and equilibrium output(Y). (that is, What's the effect of the following events on AD and/or AS?) Draw the relevant graphs indicating shifts of AD and/or Short-Run AS to find out the new price and output. A. The U.S. imposes tariffs on foreign goods to promote domestic industry. B. Congress decides to decrease personal income taxes, and to compensate for the lost revenue they decrease business subsidies. C. Rising stock market prices increase the wealth of Americans. As a result, they spend more. D. A recession of major trading countries like Canada lowers the demand for U.S. exports