Reading Guide: Section 4 Module 19
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1. Describe short-run macroeconomic equilibrium. *
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2. At YE, what is in equilibrium? *
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3. Describe what can happen in the economy when the price level is above the equilibrium price level. *
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4. Describe the impact of a demand shock on the economy. *
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5. Describe the difference between a negative demand shock and a positive demand shock. *
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6. Check all the true statements regarding the short-run aggregate supply curve if there is a negative supply shock: *
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7. Stagflation occurs when (check all that apply):
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8. Refer to the graphs above: What is the difference in RGDP and PL when SRAS shifts right versus left? *
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9. Which of the following are TRUE if the economy is in long run equilibrium (choose all that apply)? *
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**10. Explain how an economy recovers from a negative demand shock? More importantly, what happens to SRAS? *
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11. Explain how an economy is "self-correcting" in the long run. READ WHAT YOU JUST SKIPPED TO ANSWER THIS! *
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12. Explain how an inflationary gap self corrects in the long-run. *
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13. The economy depicted above is in a(n): *
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13.b. How will the economy above self correct in the long-run? *
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14. The economy depicted above is in a(n): *
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14.b. How will the economy above self-correct in the long run? *
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