Long Run: Draw a long run aggregate supply curve. Draw an aggregate demand curve and label it ADI. Label the equilibrium price label and GDP. Show in a diagram how the effects of expansionary Fiscal Policy will affect the price level and GDP using long run AD/AS analysis. What can be said about the trade off between inflation and unemployment in this model?

Long Run: Draw a long run aggregate supply curve. Draw an aggregate demand curve and label it ADI. Label the equilibrium price label and GDP. Show in a diagram how the effects of expansionary Fiscal Policy will affect the price level and GDP using long run AD/AS analysis. What can be said about the trade off between inflation and unemployment in this model?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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