 | Learning Objectives
(See related pages)
In this chapter you will learn:
- About the relationship between short-run aggregate supply and long-run aggregate supply.
- How to apply the "extended" (short-run/long-run) AD-AS model to inflation, recessions, and unemployment.
- About the short-run tradeoff between inflation and unemployment (the Phillips Curve).
- Why there is no long-run tradeoff between inflation and unemployment.
- The relationship between tax rates, tax revenues, and aggregate supply.
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