Economics (McConnell) AP Edition, 19th EditionChapter 35:
Extending the Analysis of Aggregate SupplyThe content of this chapter may be included on the AP* Macroeconomics exam. After reading this chapter, you should be able to: - Explain the relationship between short-run aggregate supply and long-run aggregate supply.
- Discuss how to apply the "extended" (short-run/long-run) AD-AS model to inflation, recessions, and economic growth.
- Explain the short-run trade-off between inflation and unemployment (the Phillips Curve).
- Discuss why there is no long-run trade-off between inflation and unemployment.
- Explain the relationship between tax rates, tax revenues, and aggregate supply.
AP Chapter 35 Introduction
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