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Problem: These questions refer to SRAS, LRAS and AD.
a. Economists usually maintain that policy designed to increase aggregate demand cannot have any long-run real effects. What lies behind this argument?
b. Using the question in #6A, draw the inflationary impact of expansionary monetary policy curve (draw the curve, noting both SRAS and AD and the Y and P and equilibrium).
c. How does Technology work itself into LRAS?
d. If there is hurricane, how can this translate itself into the short run aggregate supply curve (draw the curve, noting both SRAS and AD and the Y and P and equilibrium)?
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