Describe what effect each of the following would likely have on the short- run price level...

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Describe what effect each of the following would likely have on the short- run price level and real output (increase/decrease) in the U.S.. Explain your logic. (assume long-run equilibrium exists prior to these events) Your answers should be in the form, for example, -#1 Price level rises; output rises because of unplanned decreases in business inventories. 1. aggregate demand -- increases; short-run aggregate supply -- no change 2. aggregate demand -- no change; short-run aggregate supply -- increases 3. aggregate demand -- decreases; short-run aggregate supply -- no change 4. aggregate demand -- no change; short-run aggregate supply -- decreases 5. Value of dollar depreciates worldwide 6. Interest rates increase 7. Tax code is changed to create more deductions which reduces household taxable income 8. Military spending is decreased by 25% (no increases in other areas) 9. Consumer/Business confidence improves dramatically upon the election of President Jeff Caldwell 10. The price of gasoline decreases drastically. Describe what effect each of the following would likely have on the short- run price level and real output (increase/decrease) in the U.S.. Explain your logic. (assume long-run equilibrium exists prior to these events) Your answers should be in the form, for example, -#1 Price level rises; output rises because of unplanned decreases in business inventories. 1. aggregate demand -- increases; short-run aggregate supply -- no change 2. aggregate demand -- no change; short-run aggregate supply -- increases 3. aggregate demand -- decreases; short-run aggregate supply -- no change 4. aggregate demand -- no change; short-run aggregate supply -- decreases 5. Value of dollar depreciates worldwide 6. Interest rates increase 7. Tax code is changed to create more deductions which reduces household taxable income 8. Military spending is decreased by 25% (no increases in other areas) 9. Consumer/Business confidence improves dramatically upon the election of President Jeff Caldwell 10. The price of gasoline decreases drastically.