The demands of World War II caused our AD curve to shift to the
a. left and our AS curve to shift to the left
b. left and our AS curve to shift to the right
c. right and our AS curve to shift to the left
d. right and our AS curve to shift to the right
e. right, leaving our AS curve unchanged
C
Economics
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Explain, in detail, how the adjustment to macroeconomic equilibrium occurs when spending is less than production. Be sure to discuss how inventories play a crucial role in the adjustment process
State what happens to GDP and employment during the adjustment process.
Economics
Which of the following individuals is responsible for developing the permanent income theory of consumption?
A) Friedman B) Modigliani C) Keynes D) Lucas
Economics