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CIE AS Economics - The Macroeconomy With Complete Solutions Latest Update
CIE AS Economics - The Macroeconomy With Complete Solutions Latest Update
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CIE AS Economics - The Macroeconomy WithComplete 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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