f. Technological improvements increase productivity. gram to illustrate and explain how each of the following will affect the equilibrium price level and real GDP: a. Consumers expect a recession. b....

Extracted text: f. Technological improvements increase productivity. gram to illustrate and explain how each of the following will affect the equilibrium price level and real GDP: a. Consumers expect a recession. b. Foreign income rises. c. Foreign price levels fall. d. Government spending increases. e. Workers expect higher future inflation and negotiate Use an aggregate demand and aggregate supply dia- higher wages now. In th