Briefly summarize Say's law and Keynes' law. What are the main differences? 2. Please state whether...

  

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Briefly summarize Say's law and Keynes' law. What are the main differences? 2. Please state whether the following changes would impact (shift) AD or AS and in which direction the shift would occur (increase or decrease). a) an increase in the price of oil b) a decrease in imports c) an increase in government spending d) a decrease in consumer confidence e) an increase in labor productivity 3. Describe the two ways inflation can present itself using the AD/AS framework. Briefly summarize Say's law and Keynes' law. What are the main differences? 2. Please state whether the following changes would impact (shift) AD or AS and in which direction the shift would occur (increase or decrease). a) an increase in the price of oil b) a decrease in imports c) an increase in government spending d) a decrease in consumer confidence e) an increase in labor productivity 3. Describe the two ways inflation can present itself using the AD/AS framework.

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1 Says Law and Keynes Law Says Law This classical economic principle asserts that supply creates its own demand In other words the act of producing go... View the full answer