What is aggregate demand? Draw an aggregate demand curve and explain its shape. What factors influence aggregate demand?
Answer to relevant QuestionsWhat is aggregate supply? Draw an aggregate supply curve and explain its shape. What factors influence aggregate supply? Calculate the real GDP for the following years for the Australian economy, given data for nominal GDP and the GDP deflator (2001 is the base year). In what ways do NDP and national income pro vide more specific information about an econo my's performance than does GDP? Accepting the absolute income hypothesis, would you expect the MPC in the U.S. economy in 2011 to be higher, lower, or about the same as the MPC in the Haitian 2011 economy? Why? How would it compare to the MPC in the U.S. ...Calculate the level of autonomous investment, I, for each level of national income.
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