Essay
(a) Using a graph showing aggregate demand, short-run aggregate supply, and long-run aggregate supply, illustrate an economy that faces a recessionary gap. 
(b) Explain how the recessionary gap can be eliminated and evaluate the possibilities.
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Q5: Answer the questions based on the following
Q6: Compare and contrast the short-run Phillips Curve
Q7: Explain what happens in the long-run aggregate
Q8: What are three severe criticisms of the
Q9: Describe the characteristics of the short-run aggregate
Q11: What is the Laffer Curve? Explain the
Q12: Why is the difference between the actual
Q13: If the Phillips Curve exists in reality,
Q14: What is stagflation and what was one
Q15: Using the Sherwood Forest example from the