Suppose that are in consumer spending causes an expansion. On the full graph, shit one or both curves to reflect the shortum affect of the rise in consumer speriding. Aud Quettly of Oulpul X 4 Short-Ou 181 LAPC Pro Lov Al in the short runflation and unemployment Now suppose that over time, expected inflation changes in the same direction that actual inflation changes On both of the precedeng grass, shit the appropriate curved curves eflect the change that brings the economy to as long-run state. After the expension over, the economy faces a set of inflation-unemploymint combinations,

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Comparative Advantage and Absolute Advantage Analysis

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