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MACRO PRINCIPLES > Ad And AS > Flashcards

Ad And AS Flashcards

1
Q

Natural rate of output

A

Output level in an economy when all existing FOP are fully utilised and where unemployment is at natural rate

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2
Q

Why is SRAS upward sloping

A

Sticky wages
Sticky prices
Misperceptions

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3
Q

Q of output supplied formula

A

NROutput + a(Actual Pl - expected Pl)

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4
Q

Why is AD downward sloping

A

PandC - wealth effect
PandI - IR effect
PandNX- ER effect

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MACRO PRINCIPLES (13 decks)

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