According to an SRAS-AD diagram and determine in each case the effects on real GDP and the general price level:
- The interest rates are raised by the Fed.
- "Fracking" for gas and oil expands, and oil & energy prices in the U.S. fall.
- The stock market soars and American wealth expands significantly.
- The government cuts government spending on transfer payments.
- Many labor unions demand, and get, large wage-increases.
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