(1) Draw a generic Aggregate Supply (AS) and Aggregate Demand (AD) curve on a set of axes. Label your vertical axis and your horizontal axis appropriately and indicate where the macroeconomic equilibrium is. (2) Then find a current events article that discusses some macroeconomic event that will affect either AS or AD. Represent this effect using a rightward or leftward shift as appropriate. (3) Interpret the effect on the price level, output, and unemployment in the context of your model as applied to your current events article.

(1) Draw a generic Aggregate Supply (AS) and Aggregate Demand (AD) curve on a set of axes. Label your vertical axis and your horizontal axis appropriately and indicate where the macroeconomic equilibrium is. (2) Then find a current events article that discusses some macroeconomic event that will affect either AS or AD. Represent this effect using a rightward or leftward shift as appropriate. (3) Interpret the effect on the price level, output, and unemployment in the context of your model as applied to your current events article.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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