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a curve that shows the relationship between the price level and the quantity of real gdp demanded by households, firms , and the government
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a model that explains short-run fluctuations in real gdp and the price level
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Chapter 13

QuestionAnswer
a curve that shows the relationship between the price level and the quantity of real gdp demanded by households, firms , and the government aggregate demand curve
a model that explains short-run fluctuations in real gdp and the price level aggregate demand and aggregate supply model
a curve that shows the relationship in the short run between the price level and the quantity of real gdp supplied by firms short run aggregate supply curve
the interest rate effect can be described as an increase in the price level that raises the interest rate and choke off investment and consumption spending
best describes the wealth effect when the price level falls, the real value of household wealth rises
potential gdp refers to the level of real gdp in the long run
is vertical long run aggregate supply
long run marcoeconomic equilibrium occurs when the aggregate demand and short run aggregate supply curves intersect at a point on the long run aggregate supply curve
in the dynamic aggregated demand and aggregate supply, if ad shifts further than as inflation occurs
the wealth effect refers to the fact that when the price levels falls, the real value of household wealth rises, and so will consumption
the interest rate effect refers to the fact that a higher price level results in higher interest rates and lower investment
the international trade effect refers to the fact that an increases in the price level will result in a decrease in exports and an increase in in imports
Created by: nykayla
 

 



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