Describe the shift in either the AD or AS (aggregate demand OR aggregate supply) curves, and in what range of the AS (if relevant), that would produce the following outcomes for the economy.
a. A recession deepens while the rate of inflation increases.
b. The price level rises sharply while real output and employment remains constant.
c. The rate of inflation decreases, but the unemployment rate rises.
d. Real output rises, unemployment rate falls, and the price level is constant.