Explain how an economy with a shortterm equilibrium

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1. Explain how an economy with a shortterm equilibrium below the longterm equilibrium will adjust to bring the two into alignment.

2. Explain how an economy with a shortterm equilibrium above the longterm equilibrium will adjust to bring the two into alignment.

3. Explain why an increase in government spending has the longterm effect of increasing the price level.

4. Describe the shortrun and longrun effects of a sudden decrease in consumer spending and explain how these effects are created.

5. Describe the shortrun and longrun effects of a law limiting the flexibility of wages and explain how these effects are created.

6. Describe the shortrun and longrun effects of a reduction in wages and explain how these effects are created.

Reference no: EM13987379

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