Different sceneraios that causes shifts in the AD, SRAS or LRAS & chnages in the equilibrium real output & price level.

Elucidate how each of the following scenarios would cause the aggregate demand, short-run aggregate supply, and/or long-run aggregate supply curve to shift and in what direction. Also describe how this shift would affect the equilibrium price level and real GDP.

1. Consumers expect a recession.

2. Domestic technology improves.

3. Foreign price level rises.

4. Government spending falls.

5. Higher future income is expected.

6. Resource prices fall.