7. If consumers save a larger portion of their income, what effect would this have on the output, employment, and price level in the short run and long run? Answer: 8. The AD-AS model shows a snapshot of the economy at a given point in time. Both economic growth and inflation are dynamic phenomena. Suppose economic growth is 4% per year and aggregate demand is growing at the same rate. What does the AD/AS model say the inflation rate should be? Answer: 9. All commercial banks do not hold 100% of their deposits. Why? Should banks have to hold 100% of their deposits? Why or why not? Answer: 10. Laffer is one of the popular Economist who has pointed out that, in some cases, income tax revenue can go up when tax rates go down. Why might this be the case? Answer: Ps

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.