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The Phillips Curve 1. Draw the short-run and long-run Phillips curve. Label three points representing a recessionary gap, an inflationary gap, and full employment output. Identify what happens to the short-run Phillips curve when there is a change in aggregate demand and when there is a change in aggregate supply ( /10) Economic Growth 2. Define capital stock. Use the aggregate demand and supply to show the effects of a decrease in interest rates in the short-run and in the long-run. Explain why each curve shifts. Also explain why an increase in consumer spending would not have the same effect in the long-run. ( /6) 3. Identify three (3) public policies that could lead to more economic growth and explain why growth would occur ( /6) Crowding Out 4. Describe how the concept of Crowding Out explains how the implementation of a specific fiscal policy decision could have a smaller impact than macroeconomic theory tells us it should. ( /5) Aggregate Production Function 5. Draw the aggregate production function. Explain the difference between movement along the curve and a shift in the curve. Be sure to explain what causes movement along the curve and a shift in the curve. 18) Fiscal and Monetary Policy 6. Draw an AS-AD model of an economy suffering from unemployment. What is one fiscal policy and one monetary policy that can be implemented to close this gap? Draw the effect of either policy