Here are a number of scenarios indicating changes in Macroeconomic variables

Using a diagram of AD and AS curves, show the impact on the UK economy and indicate the relative size of the impact (large, small, variable) and remember to comment on the effect on prices and aggregate output and employment in the macroeconomy.

1. Oil prices fall.
2. VAT rises from 18% to 20%.
3. The productivity of UK workers rises.
4. The minimum wage per hour goes up from x to y.
5. UK exports grow by 5% relative to imports.