CONCEPTUAL

1.'Since the long-run AS curve is vertical we can conclude that the total real output of a nation cannot grow in the long-run'. Comment on this statement.

2."In the very short run real output is fixed, and therefore any increase in aggregate demand will simply increase the price level but not affect how many goods and services are produced in an economy." Comment on this statement.

3.Elaborate on the schools of thought prior to the great depression, in the 1960's, late 1970s and in the 1980 - 90s.