Aggregate Demand and Supply, economics assignment help
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1.Explain, in your own words, each
of the three reasons why the Aggregate Demand curve (AD) is negatively sloped.
Be sure to use the determinants of AD in your explanation.
2.Explain, in
your own words, the two reasons why the Aggregate Supply curve (AS) is
positively sloped.
3.Suppose a large oil reserve is
discovered in South Dakota. Does this affect the AS curve for the
long-run, short-run, or both? Explain.
4.(a) What is meant by a
“recessionary gap?”
(b) What are the two main causes of a recessionary gap? Explain how
each of these events cause unemployment.
5.Compare and contrast the
short-run and long-run AS curves for both the Classical and Keynesian models.
Include in your explanation WHY the AS curves look different in the two
different theories.
6.Suppose a war causes a sudden,
large increase in government spending.
(a) What happens to both prices and GDP in the short-run Classical Model?
Do they increase decrease or stay the same? Explain.
(b) What happens to both prices and GDP in the short-run Keynesian model?
Do they increase decrease or stay the same? Explain.
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