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1.Law of aggregate demand is the relationship between the price level and the aggregate quantity demanded.

2.The AD curve issloping and made up of the same components as .

3.Law of aggregate supply is the relationship between the price level and the aggregate quantity supplied, in the short run.

4.The SRAS is sloping and made up of the same components as .

5.The SRAS curve depicts a short run is a period when firmsto changes, rather than plan for them.

6.The LRAS curve depicts a long run period when firmsfor changes, rather than react for them.

7.In the AD/AS model, short run equilibrium is at theof AD and SRAS. If only these schedules cross there will be a gap in the economy.

8.In the AD/AS model, at long-run equilibrium, the economy is at thelevel of output and there is no gap.

9.Determinants that change AD relate to, investment, government purchases and net .

10.Other things being equal, a(n) in aggregate demand would most likely accompany an increase in unemployment and falling inflation.