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Explain the phases of a business cycle in what cycle are we

Answer the following with 100 words or more:

1. Explain whether each of the following events will increase, decrease or have no effect at all on the long run Aggregate Supply:

a. Another "Katrina" damages the Pacific Northwest of the United States.

b. The minimum wage has been increased to $15 per hour.

2. Give some real world examples of the following theories:

a. Sticky Wage

b. Sticky Price

c. Misperception

3. a. Explain the phases of a business cycle. In what cycle are we in today? Please explain.

b. How did the recent Great Recession influence macroeconomic thinking?

4. a. What is your understanding of Keynesian Economics? What were Keyne's contributions that led to what we call today, the Keynesian model?

b. How is the slope of the AD (Aggregate Demand) curve determined? What about the slope of AS (Aggregate Supply)?

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