- Reconsider your answer to Facts and Tools question 3. If you wanted to draw the long-run aggregate supply curve accurately, taking into account the idea that very high rates of inflation are likely to reduce real growth, how would you draw the long-run aggregate supply curve?
a. Would you draw a perfectly vertical curve, a curve with a positive slope, or a curve with a negative slope?
2. How is the previous question similar to this question: Should the government encourage people to move from the East and West coasts to the Midwest and Rocky Mountain states, where the population is less crowded?
3.Let’s connect the minimum wage model back to the supply and demand model of Chapter 8. Is a minimum wage a price ceiling or a price floor? Does it create a surplus or a shortage in the labor market?
4.Which tells me more about how many more goods and services I can buy next year if I save my money today: the nominal interest rate or the real interest rate? Which interest rate gets talked about more in the media?
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