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Extending the Analysis of Aggregate Supply


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IN THIS CHAPTER YOU WILL LEARN:

  1. About the relationship between short-run aggregate supply and long-run aggregate supply.


  2. How to apply the "extended" (shortrun/ long-run) AD-AS model to inflation, recessions, and economic growth.


  3. About the short-run trade-off between inflation and unemployment (the Phillips Curve).


  4. Why there is no long-run trade-off between inflation and unemployment.


  5. The relationship between tax rates, tax revenues, and aggregate supply.










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