AE (aggregate expenditures) are an estimation of how much stuff is purchased. Income (Y) is an estimation of how much stuff is made. Expenditure equilibrium is when AE=Y. A surplus occurs when AE Y. Would there be a shortage or a surplus during a recession? During an inflationary period? What situation do you believe Canada is in right now? Provide support for your answer. You must start a thread before you can read and reply to other threads