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Homework answers / question archive / 1)What is the long-run aggregate supply (LRAS)? Describe the reasons for its slope
1)What is the long-run aggregate supply (LRAS)? Describe the reasons for its slope. Under what circumstances would the LRAS and SRAS have the same slope?
2)What is the Aggregate Demand (AD)? What is the short-run aggregate supply (SRAS)? Describe the reasons for their slope.
3)Charles Schultze offered away to distinguish a Classical economist from a Keynesian economist-by asking to fill in the blanks in the following sentence with the words “long” and “short”: “Take care of the ____ run and the ____ run will take care of itself. How would YOU fill these two words, and why? In relation to that, John Maynard Keynes argued in his influential 1936 book titled The General Theory of Employment, Interest, and Money that: “In the long run we are all dead”. What do you think he meant by this?
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