QUIZ for parts 1 and 2

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1. As used in macro models, equilibrium is:

2. In the income-expenditure model, equilibrium requires

3. If AD > AS, then:

4. In the income-expenditure model, planned investment (Ip) is

5. In the income-expenditure model, national income (Y) is

6. A key advantage of IS-LM over the income-expenditure model is that

7. An accounting identity is