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Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience:  BS Accounting
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Using aggregate demand, short-run aggregate supply, and long-run

Customer Question

Using aggregate demand, short-run aggregate supply, and
long-run aggregate supply curves, explain the process by
which each of the following economic events will move the
economy from one long-run macroeconomic equilibrium to
another. Illustrate with diagrams. In each case, what are the
short-run and long-run effects on the aggregate price level
and aggregate output?
a. There is a decrease in households’ wealth due to a decline
in the stock market.
b. The government lowers taxes, leaving households with
more disposable income, with no corresponding reduction
in government purchases.
Submitted: 7 years ago.
Category: Homework
Expert:  Neo replied 7 years ago.

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