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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Explain the importance of the real balance, interest rate, and international trade effects to long-run (equilibrium) adjustment in the economy.

To determine

Explain the importance of the real balance, interest rate, and international trade effects.

Explanation

In an economy, the real balance, interest rate, and international trade effects imply that the aggregate demand curve (AD) moving downward. Each explains that the aggregate demand responds to the change in prices. If the price increases, then the purchasing power of a consumer’s bank account will decrease...

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