This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What is the relationship among the AD, SRAS and LRAS curves when the economy is in macroeconomic ... (Read 105 times)

fox

  • Hero Member
  • *****
  • Posts: 540
on: Jun 29, 2018
What is the relationship among the AD, SRAS and LRAS curves when the economy is in macroeconomic equilibrium?
 
  What will be an ideal response?

Question 2

What is the difference between income and wealth?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

lkanara2

  • Sr. Member
  • ****
  • Posts: 329
Reply #1 on: Jun 29, 2018
Answer to Question 1

When the economy is in long-run equilibrium, the short-run aggregate supply curve and the aggregate demand curve intersect at a point on the long-run aggregate supply curve.

Answer to Question 2

Income is a flow variable. It is the amount a household earns over a period of time such as a year. Wealth is a stock variable. It is the amount of assets a household has accumulated at a point in time from past income or through saving or inheritance.


fox

  • Member
  • Posts: 540
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

nguyenhoanhat

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Throughout history, plants containing cardiac steroids have been used as heart drugs and as poisons (e.g., in arrows used in combat), emetics, and diuretics.

Did you know?

The toxic levels for lithium carbonate are close to the therapeutic levels. Signs of toxicity include fine hand tremor, polyuria, mild thirst, nausea, general discomfort, diarrhea, vomiting, drowsiness, muscular weakness, lack of coordination, ataxia, giddiness, tinnitus, and blurred vision.

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Did you know?

Hyperthyroidism leads to an increased rate of metabolism and affects about 1% of women but only 0.1% of men. For most people, this increased metabolic rate causes the thyroid gland to become enlarged (known as a goiter).

Position of the lungs within the thoracic cavity; anterior view illustrating regions of the lungs an Position of the lungs within the thoracic cavity; anterior view illustrating regions of the lungs an
Establishing a caring and trusting relationship helps the client come to terms with a terminal illne Establishing a caring and trusting relationship helps the client come to terms with a terminal illne
The relationship between number of acres a Kipsigis man owns and the number of offspring he has duri The relationship between number of acres a Kipsigis man owns and the number of offspring he has duri
Thyroid hormone production—Relationship between pituitary and thyroid glands. Thyroid hormone ... Thyroid hormone production—Relationship between pituitary and thyroid glands. Thyroid hormone ...
Latin America in the Global Economy Latin America in the Global Economy
Relationship between thymidylate synthase and enzymes of tetrahydrofolate metabolism Relationship between thymidylate synthase and enzymes of tetrahydrofolate metabolism
Video: Molecules, Membrane Permeability and Structure

For a complete list of videos, visit our video library