Not sure if my answers are correct and confused on the last question 00O $6 trillionWhat is the GDP of this economy?$36 trillion2o $54 trillionO $72 trilliono $6 trillionO$3 trillion468REAL GDP (Trillions of dollars)O $15 trillionIf the velocity of money is 3, the money supply in this economy is $18 trillionO $12 trillionAdjust the previous graph to show the effects of a decrease in the money supply.Based on the new price level, what must the new money supply be in the long run if the velocity of money remains at 3?1012Becausemoney supply. This illustrates the, the percentage decrease in the price level isthe percentage decrease in the The equation of exchange is given by MXV = PX Q, where M is the money supply, V is the velocity of money, P is the economy's price level, andQis Real GDP.Suppose the following diagram shows the current aggregate demand (AD) and aggregate supply (AS) curves in a hypothetical economy.PRICE LEVELCO153002ASWhat is the GDP of this economy?AD₂468REAL GDP (Trillions of dollars)AD₁1012O****AD101AS(?)

Introduction Aggregate supply is the total quantity of output firms will produce and sell—in other…

0 0 $6 trillion What is the GDP of this economy? 2 $36 trillion o $54 trillion O $72 trillion 4 6 8 REAL GDP (Trillions of dollars) o $6 trillion $3 trillion 10 If the velocity of money is 3, the money supply in this economy is $18 trillion 12 Adjust the previous graph to show the effects of a decrease in the money supply. Based on the new price level, what must the new money supply be in the long run if the velocity of money remains at 3?

0 0 $6 trillion What is the GDP of this economy? 2 $36 trillion o $54 trillion O $72 trillion 4 6 8 REAL GDP (Trillions of dollars) o $6 trillion $3 trillion 10 If the velocity of money is 3, the money supply in this economy is $18 trillion 12 Adjust the previous graph to show the effects of a decrease in the money supply. Based on the new price level, what must the new money supply be in the long run if the velocity of money remains at 3?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Not sure if my answers are correct and confused on the last question

0
0
O $6 trillion
What is the GDP of this economy?
$36 trillion
2
o $54 trillion
O $72 trillion
o $6 trillion
O$3 trillion
4
6
8
REAL GDP (Trillions of dollars)
O $15 trillion
If the velocity of money is 3, the money supply in this economy is $18 trillion
O $12 trillion
Adjust the previous graph to show the effects of a decrease in the money supply.
Based on the new price level, what must the new money supply be in the long run if the velocity of money remains at 3?
10
12
Because
money supply. This illustrates the
, the percentage decrease in the price level is
the percentage decrease in the

The equation of exchange is given by MXV = PX Q, where M is the money supply, V is the velocity of money, P is the economy's price level, and
Qis Real GDP.
Suppose the following diagram shows the current aggregate demand (AD) and aggregate supply (AS) curves in a hypothetical economy.
PRICE LEVEL
CO
15
3
0
0
2
AS
What is the GDP of this economy?
AD₂
4
6
8
REAL GDP (Trillions of dollars)
AD₁
10
12
O****
AD
101
AS
(?)

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Last answer was incorrect.
Answer as many parts as you can
You have two options for how to spend the afternoon. You can either go see a movie with your roommate or work as a tutor for the Math Department. From experience, you know that going to see a movie gives you $20 worth of enjoyment, and with your student discount, a movie ticket only costs $12. If you spend the afternoon working as a math tutor, you will get paid $45. On a typical day, you wouldn't be willing to spend the afternoon working as a math tutor for less than $35. What is your opportunity cost of seeing a movie this afternoon? Select one: O a. $57 O b. $12 ○ c. $22 ○ d. $8