Answer the three questions below.
Question #1:
Suppose that an economy is in a recessionary gap. Using graphical analysis, explain from a Keynesian perspective how the economy can return to its long run potential output using the AS/AD model. Be as detailed as possible. Your submission needs to be at least 175 words (two paragraphs).
Please make sure to draw the graphical AS/AD model.
Question #2:
Suppose that an economy is in a recessionary gap. Using graphical analysis, explain from a Classical perspective how the economy can return to its long run potential output using the AS/AD model. Be as detailed as possible. Your submission needs to be at least 175 words (two paragraphs).
Please make sure to draw the graphical AS/AD model.
Questions #3:
Suppose that the economy enters into a major recession brought on by a financial crisis that stems from a real estate bubble bursting and the ensuing fall in real estate (asset) prices. Using graphical analysis, explain how the Classical view of the return to long run potential output can be complicated by feedback effects in the AS/AD model. Be sure to explain what is causing these feedback effects. Your submission needs to be at least 175 words (two paragraphs).
Please make sure to draw the graphical AS/AD model.
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