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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
12.   (Long-Run Adjustment) The ability of the economy to eliminate any imbalances between actual and potential output is sometimes called self-correction. Using an ag- gregate supply and aggregate demand diagram, show why this self-correction process involves only temporary peri- ods of inflation or deflation.
13.   (Changes in Aggregate Supply) List three factors that can change the economy’s potential output.What is the im- pact of shifts of the aggregate demand curve on potential output? Illustrate your answers with a diagram.
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