PLEASE HELP! In the AD/AS model, changes in economic equilibrium depend on where
ID: 1211068 • Letter: P
Question
PLEASE HELP!
In the AD/AS model, changes in economic equilibrium depend on where the economy begins.
True.
False.
In the Keynesian model, changes in economic equilibrium depend on where the economy begins.
True.
False.
Aggregate expenditures in the Keynesian model are identical to aggregate demand in the AD/AS model.
False.
True.
The aggregate supply curve has three sections: a nearly horizontal section that's well below full capacity, a vertical section that's at or nearly at full employment, and an upward-sloping section connecting the two.
False.
True.
The Keynesian model and the AD/AS model make the same assumptions about producers' behavior.
False.
True.
True.
False.
Explanation / Answer
In the AD/AS model, changes in economic equilibrium depend on where the economy begins. The statement is True.
In the Keynesian model, changes in economic equilibrium depend on where the economy begins. The statement is True.
Aggregate expenditures in the Keynesian model are identical to aggregate demand in the AD/AS model. The statement is False.
The aggregate supply curve has three sections: a nearly horizontal section that's well below full capacity, a vertical section that's at or nearly at full employment, and an upward-sloping section connecting the two. THe statement is True.
The Keynesian model and the AD/AS model make the same assumptions about producers' behavior. The statement is True.
In the Keynesian model, changes in economic equilibrium depend on where the economy begins. The statement is True.
Aggregate expenditures in the Keynesian model are identical to aggregate demand in the AD/AS model. The statement is False.
The aggregate supply curve has three sections: a nearly horizontal section that's well below full capacity, a vertical section that's at or nearly at full employment, and an upward-sloping section connecting the two. THe statement is True.
The Keynesian model and the AD/AS model make the same assumptions about producers' behavior. The statement is True.
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