11-7. As in Problem 11-6, suppose that there is a temporary,

11-7. As in Problem 11-6, suppose that there is a temporary,

11-7. As in Problem 11-6, suppose that there is a temporary,
but significant, increase in oil prices in an
economy with an upward-sloping SRAS curve. In
this case, however, suppose that policymakers
wish to prevent equilibrium real GDP from
changing in response to the oil price increase.
Should they increase or decrease the quantity of
money in circulation? Why? (See page 240.)
if we want to keep GDp unchanged, then we must increase AD
when oil prices rise AS shifts upwards, so that GDP falls and price rises.
if we want to get GDP back to old levels then we shift AD upwards as shown
to increase AD we need to increase quantity of money in circulation.

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