Real income or national income

Discussion in 'CT7' started by John H, Oct 3, 2009.

  1. John H

    John H Member

    When drawing diagrams showing the IS-LM model, Agg demand - Agg supply model, should the x-axis label be National income or real income? Exam solutions appear to be inconsistent here.

    Also for diagrams representing monopoly/oligopoly/monopolistic what sold the axis labels be (again there appears to be inconsistencies in exam solutions)

    I use x-axis quanity and y-axis £.

    But sometimes price is used as y-axis and output as x axis?
     
    John H, Oct 3, 2009
    #1
  2. rajiv_p_lk_2001

    rajiv_p_lk_2001 Member

    IMO I dont think you will lose any marks for either of them (National Income or Real Income). But technically I think it should be 'Real National Income'.

    Again I think Output and Quantity can be used interchangeably and the same with £ and price.
     
    Last edited by a moderator: Oct 4, 2009
    rajiv_p_lk_2001, Oct 3, 2009
    #2

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