Bell Ringer Assignment

• Explain what Secretary Yellen means by “modern supply-side economics”.
• In what three ways does she assert that the Biden administration has delivered on this agenda?
• Why does improved infrastructure encourage economic growth?
• What does she state is the relationship between infrastructure investment and gross national output in the long-run?
• Where does the United States rank internationally in terms of investment in research and development? What impact could this have on long-run economic growth?
• AP Macroeconomics Graphing Practice: Assume that the policies presented in the clip are successful in attaining the Biden Administration’s goal. Draw both a production possibilities curve and a long-run aggregate supply curve that indicates the change created by these government actions.