2.3.3 Long-run AS

Question 1

Classical LRAS

Answer 1

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Question 2

Competition policy

Answer 2

Any policy which seeks to promote competition and efficiency in markets and industries

Question 3

Demographic change

Answer 3

any change in the population, for example in terms of average age, dependency ratios, life expectancy, family structures, birth rates, etc.

Question 4

Innovation

Answer 4

The commercial development of exploiting new or improved goods and services

Question 5

Invention

Answer 5

The creation of a new product, service or concept

Question 6

Keynesian economics

Answer 6

????

Question 7

Keynesian LRAS

Answer 7

????

Question 8

Keynesian unemployment

Answer 8

unemployment caused by a lack of aggregate demand in the economy – a defficiency of private sector spending causes both output and employment to contract

Question 9

Long run aggregate supply (LRAS)

Answer 9

????

Question 10

Migration

Answer 10

The movement of people, especially workers, between countries

Question 11

Immigration

Answer 11

The number of people entering a country

Question 12

Emigration

Answer 12

The number of people leaving a country

Question 13

Net migration

Answer 13

Refers to the difference between the number of people entering and leaving a country

Question 14

Productivity

Answer 14

output per worker

or

output per unit of input