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During periods of stagflation,what happens to output and prices in the economy?

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Output fal...

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In the aggregate demand and aggregate supply model,the point where the aggregate demand curve crosses the long run aggregate supply curve,and the expected price level equals the actual price level,is known as what?

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Long run e...

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Figure 33-16. Figure 33-16. -Refer to Figure 33-16.Suppose the economy starts at P<sub>3</sub> and Y<sub>2</sub>.If there is a decrease in government purchases,identify the price and output levels that the economy would move to in the short run. -Refer to Figure 33-16.Suppose the economy starts at P3 and Y2.If there is a decrease in government purchases,identify the price and output levels that the economy would move to in the short run.

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Other things the same,what happens in the long run to the price level and quantity of output after a contraction in aggregate demand?

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The price level decr...

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Illustrate the classical analysis of growth and inflation with aggregate demand and long-run aggregate supply curves.

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See graph.
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Over time, technological adv...

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Make a list of things that would shift the long-run aggregate supply curve to the right.

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Examples in the text (or variations) inc...

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Suppose speculators lost confidence in foreign economies and bought more U.S.bonds.How would this affect net exports in the U.S. ,and which way would this cause the aggregate demand curve to shift?

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Net exports would fa...

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Figure 33-12. Figure 33-12. -Refer to Figure 33-12.Explain how the aggregate demand and aggregate supply model changed during periods 1 and 2. -Refer to Figure 33-12.Explain how the aggregate demand and aggregate supply model changed during periods 1 and 2.

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The aggregate-demand curve declined during period 1, and increased during period 2.

Suppose the expected price level increases.Which curves in the aggregate demand and aggregate supply model would be affected,and which way would they shift?

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The short run aggreg...

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Figure 33-13. Figure 33-13. -Refer to Figure 33-13.Identify the price and output levels consistent with long-run equilibrium. -Refer to Figure 33-13.Identify the price and output levels consistent with long-run equilibrium.

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Explain how a change in the expected price level would shift the short-run and long-run aggregate-supply curves.

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Expected price level changes w...

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The exchange-rate effect helps explain what feature in the aggregate demand and aggregate supply model?

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why the aggregate-demand curve slopes downward

Suppose a boom in stock market prices helps make people feel wealthier.Using the model of aggregate demand and aggregate supply,identify the curves that are affected,and which way these curves would shift.

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The aggregate demand...

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Other things the same,what happens to the price level and quantity of output when an adverse shift in the short run aggregate supply curve occurs?

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Price leve...

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Other things the same,what happens in the short run to the price level and quantity of output when the aggregate demand curve shifts to the left?

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The price ...

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Who is credited for the original development of the model of aggregate demand and aggregate supply?

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Misperceptions theory helps explain what feature of the aggregate demand and aggregate supply model?

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why the short run ag...

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Explain how a recession differs from a depression.

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Recessions are relatively mild periods of declining real incomes and rising unemployment. Depressions are severe recessions.

Make a list of expenditures whose sum equals GDP.

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consumption, investm...

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What variables besides real GDP tend to decline during recessions? Given the definition of real GDP,argue that declines in these variables are to be expected.

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Variables that fall along with real GDP ...

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