Explain the effect of the following on price and real income based on AD-AS diagram.Draw and explain the diagram for each part (a) Prediction of World War 3 next year (b) Consumer are optimistic of the economy (c) The government has increased sales and service tax (d) The minimum age for working has been reduced
Explain the effect of the following on price and real income based on AD-AS diagram.Draw and explain the diagram for each part (a) Prediction of World War 3 next year (b) Consumer are optimistic of the economy (c) The government has increased sales and service tax (d) The minimum age for working has been reduced
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter23: Aggregate Demand And Aggregate Supply
Section: Chapter Questions
Problem 1QR
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Explain the effect of the following on price and real income based on AD-AS diagram.Draw and explain the diagram for each part
(a) Prediction of World War 3 next year
(b) Consumer are optimistic of the economy
(c) The government has increased sales and service tax
(d) The minimum age for working has been reduced
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