What are the different methods of calculating GDP? What are the limitations of GDP as a measure of output? What are the limitations of GDP as a measure of wellbeing/ standard of living? Why is the aggregate demand curve downward sloping? Why is the SRAS curve upward sloping? Illustrate a recessionary gap using an ADAS model. How does the economy return to Long run equilibrium? Illustrate an inflationary gap using an ADAS model. How does the economy return to Long run equilibrium?

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