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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

How is recession illustrated in an AD/AS model?

To determine

To illustrate: long-term growth by AS/AD model.

Explanation

Recession is a phase in economy when there is low level of output accompanied with high unemployment.

This is a phase which results in low-economic growth. As people are left with no jobs, no expenditure is incurred by them, leading to worsen the situation.

To correct this situation, Aggregate Demand is to be increased. This can be done by implementation of fiscal policy by government...

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