n 1974, we had real GDP of 5,396.0, and in 1975 we had real GDP of 5,385.4. Further, in 1974, the aggregate price level (as measured by the GDP deflator) was 28.7, and in 1975, the aggregate price level was 31.36.  According to our aggregate supply/demand analysis, which of the following must have occurred over 1975 (relative to 1974)?     Group of answer choices a) increase in Agg D b) no shifts could have occurred. c) decrease in Agg S d) decrease in Agg D e) increase in Agg S

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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In 1974, we had real GDP of 5,396.0, and in 1975 we had real GDP of 5,385.4. Further, in 1974, the aggregate price level (as measured by the GDP deflator) was 28.7, and in 1975, the aggregate price level was 31.36.  According to our aggregate supply/demand analysis, which of the following must have occurred over 1975 (relative to 1974)?

 

 

Group of answer choices
a) increase in Agg D
b) no shifts could have occurred.
c) decrease in Agg S
d) decrease in Agg D
e) increase in Agg S
 
 
 

 

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