Explain how each of the following events would affect the long-run aggregate supply curve a. The price level increases. Because this is a change in the LRAS curve will b. The labor force increases. Because this is a change in the LRAS will c. There is an increase in the quantity of capital goods Because this is a change in the LRAS will d. Technological change occurs Because this is a change in the LRAS will

How is long-term growth illustrated in an AD/AS model?

Does Says law apply more accurately in the long run or the short run? What about Keynes law?

Without looking at Table 19.7, return to Figure 19.10. If we define a recession as a significant decline in national output, can you identify any post-1960 recessions in addition to the 20082009 recession? (This requires a judgment call.)