Economics 14th Edition by James Gwartney,Richard Stroup, Russell Sobel ,David Macpherson

تمرين 4

(a) Housing prices rose sharply between 2002 and mid-year 2006. Use the AD-AS model to illustrate the impact of the housing price increases on output and employment. (b) During 2007 and 2008, housing prices fell sharply. Use the AD-AS model to illustrate the impact of these price declines on output and employment.