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CIE AS Economics - The Macroeconomy With Complete Solutions Latest Update $17.99   Add to cart

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CIE AS Economics - The Macroeconomy With Complete Solutions Latest Update

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CIE AS Economics - The Macroeconomy With Complete Solutions Latest Update

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  • July 17, 2024
  • 7
  • 2023/2024
  • Exam (elaborations)
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CIE AS Economics - The Macroeconomy With
Complete Solutions Latest Update

Aggregate Demand - correct answers C + I + G + (X-M)



Causes of a Shift in the Aggregate Demand Curve - correct answers -Consumption

-Investment

-Government Spending

-Net Exports



Short Run Aggregate Supply - correct answers Total output supplied

-not enough time for factors of production to change



Shifts in the SRAS Curve - correct answers -change in price of factors of production

-change in taxes on firms

-change in factors of productivity/quality of resources

-change in quantity of resources



Long Run Aggregate Supply - correct answers Keynesians: government
intervention required to achieve full employment



New-Classical: long run will result in production at full capacity without govt.
intervention

, Shifts in the LRAS Curve - correct answers Change in quantity and or quality of
factors of resources/factors of productivity



Interaction of AS and AD - correct answers Macroeconomic equilibrium

-where AD = AS



Inflation - correct answers Sustained increase in an economy's price level



Cost Push Inflation - correct answers -bad inflation

-caused by increased cost of production, associated with decreased output



Demand Pull Inflation - correct answers -caused by and increase in AD, not
matched by an increase in AS

-associated with increased output



Consequences of Inflation - correct answers -reduction in net exports

-unplanned redistribution of income

-menu costs

-shoe leather costs

-fiscal drag

-discouragement of investment

-inflationary noise

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