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10 Cards in this Set

  • Front
  • Back
What are the 3 components of the aggregate supply schedule?
1. The production function
2. The mark-up
3. The Phillips Curve
Draw the Keynesian and Classical parts of the aggregate supply schedule
.
The Production Function
Output (Y) is a function of employment (N) where a=Y/N is labor productivity
Show how the 3 components of the aggregate supply schedule result in an upward sloping aggregate supply schedule
.
If an economy exhibits constant returns to scale-Cobb Douglas technology-and experiences no technical progress, how much must capital grow to keep output per capita constant?
.
Write down the link between saving and growth in capital. Write down the relationship in steady state.
.
What happens to the steady state level of output when the level of savings exceeds the investment requirement? (prose)
.
What happens to the steady state level of output when the level of savings exceeds the investment requirement? (graph)
.
The mark-up
.
The Phillips Curve
.