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