Question 1
What does the Keynesian view of aggregate supply suggest happens to output when aggregate demand rises and there is spare capacity in the economy?
Question 2
Which shape is most closely associated with the classical view of long-run aggregate supply?
Question 3
In the Keynesian range of aggregate supply, what is the main reason output can increase without much inflation?
Question 4
What does the classical view assume about the economy in the long run?
Question 5
Which statement best describes the Keynesian view of wages and prices in the short run?
