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Macro Exam 2

QuestionAnswer
Say's law Supply is the most important determinant in the size of the macroeconomy Supply creates its own demand Applies more accurately in the long run.
What is the intuition behind Say's law? Increase in supply leads to the generation of income for someone leading to an increase in demand somewhere.
Keynes' law Demand creates its own supply. Applies more accurately in the short run.
Aggregate supply Total quantity of output firms will produce and sell.
Aggregate supply curve Quantity of output firms will produce and sell at each price point.
What are the axes for an AS curve? X- Real GDP Y-Price
Why does Real GDP rise and prices rise on an AS curve? An AS curve represents suppliers response to a rise in price of final goods and services.
Created by: kashix
 

 



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