Changes in the AD-AS Model
AP Macroeconomics · Flashcards · Application
AP MACROECONOMICS · FLASHCARDS
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QUESTION
What is the short-run effect on price level if AS shifts left?
QUESTION
What happens to AD when consumer confidence increases?
QUESTION
What is the short-run effect on real GDP if both AD and AS decrease?
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ANSWER
Real GDP decreases. Both curves shifting left reduces equilibrium output.
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