Use the aggregate supply-aggregate demand model to analyze the effects of an increase in taxes (assuming the economy begins at full employment). Specifically, describe what happens to the following (increase, decrease, or no change relative to their initial levels). Include a well-labeled graphical analysis. (a) Real output in the short run (b) Price level in the short run (c) Unemployment rate in the short run (d) Real output in the long run (e) Price level in the long run

Use the aggregate supply-aggregate demand model to analyze the effects of a decrease in oil prices (assuming the economy begins at full employment). Specifically, describe what happens to the following (increase, decrease, or no change relative to their initial levels). Include a well-labeled graphical analysis. (a) Real output in the short run (b) Price level in the short run (c) Unemployment rate in the short turn