Question: NAME:______________________ Macro Econ--Robertson GRAPHING THE AGGREGATE MODELAD Please print and complete by handmuch easier than trying to implement graphing/drawing tools. And watch videos and read

NAME:______________________ Macro Econ--Robertson

GRAPHING THE AGGREGATE MODELAD

Please print and complete by handmuch easier than trying to implement graphing/drawing tools. And watch videos and read before trying thisno student need be harmed in this process!

1. Know key terms: Explain in your own words (based upon info from class contentnot google) the following:

LRAS______________________________________________________________________________________________________________________________________________________Aggregate Demand_____________________________________________________________

______________________________________________________________________________

Aggregate Demand Curve ________________________________________________________________________

______________________________________________________________________________

2. In the space below, insert the names for X and Y axis, graph LRAS and AD line, and identify/label equilibrium

3. Assume there is a huge pandemic and the US Govt requires lockdowns that close many businesses and restrict the operations of many others. What will be the impact on Aggregate Demand.

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

4. Now please graph what happens to the Aggregate Model upon such the hypothetical described in 4. Please label both axis, the initial AD (as AD1), LRAS and initial equilibrium (as Real GDP-1). Then add new Agg Demand (AD-2) and new equilibrium (Real GDP-2).

5. Based upon the above, what happens to the general standard of living: ie anticipated GDP and price level

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