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Category > Economics Posted 22 Jun 2017 My Price 4.00

long-run equilibrium

Q1. Starting from long-run equilibrium, use the basic (static) aggregate demand and aggregate supply diagram to show what happens in both the short run and the long run when there is a decline in wealth. Explain your diagram.

 

Q2. Refer to the figure below and answer the following questions.(attachment Question 2 image) 

Q2 image.png

 

 

a)Given that the economy has moved from A to B what would be the appropriate fiscal policy to achieve potential GDP and why?

b)If fiscal policy is successful at moving the economy from point B to equilibrium at potential GDP, what happens to unemployment and what impact will this have on the government’s budget?

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SuperTutor
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Status NEW Posted 22 Jun 2017 07:06 AM My Price 4.00

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