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10 Cards in this Set
- Front
- Back
What are the 3 components of the aggregate supply schedule?
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1. The production function
2. The mark-up 3. The Phillips Curve |
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Draw the Keynesian and Classical parts of the aggregate supply schedule
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The Production Function
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Output (Y) is a function of employment (N) where a=Y/N is labor productivity
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Show how the 3 components of the aggregate supply schedule result in an upward sloping aggregate supply schedule
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.
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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?
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.
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Write down the link between saving and growth in capital. Write down the relationship in steady state.
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What happens to the steady state level of output when the level of savings exceeds the investment requirement? (prose)
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What happens to the steady state level of output when the level of savings exceeds the investment requirement? (graph)
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The mark-up
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The Phillips Curve
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