Final answer:
The AD/AS model predicts that a decrease in technology growth due to cuts in research and development funding would result in a decrease in equilibrium GDP and a potential increase in the price level.
Step-by-step explanation:
The AD/AS model predicts that if concerns about the federal budget deficit lead to cuts in research and development funding, it would impact technology growth. This decrease in technology growth would likely result in a decrease in productivity and efficiency in the economy, leading to a decrease in equilibrium GDP. Additionally, the decrease in technology growth could also lead to a decrease in aggregate supply, causing an increase in the price level.