10. In 1968, we had real GDP of 4,713, and in 1969 we had re…

10. In 1968, we had real GDP of 4,713, and in 1969 we had real GDP of 4,924. Further, in 1968, the aggregate price level (as measured by the GDP deflator) was 19.3, and in 1969, the aggregate price level was 20.17.  According to our aggregate supply/demand analysis, which of the following must have occurred over 1968 (relative to 1969)?  

22. Suppose that the demand for Ukuleles increases (i.e., sh…

22. Suppose that the demand for Ukuleles increases (i.e., shifts to the right).  Using our standard supply and demand analysis (i.e., supply is upward sloping and demand is downward sloping, and price adjusts to keep the market in equilibrium), what will happen to the equilibrium price, P, and quantity, Q?