both screenshots are same questions 5. The slope and position of the long-run aggregate supply curveSuppose the Fed doubles the growth rate of the quantity of money in the economy. In the long run, the increase in money growth will change which ofthe following? Check all that apply.O The quantity of physical capitalO The inflation rateO The price levelO The size of the labor forceSuppose the economy produces real GDP of $40 billion when unemployment is at its natural rate.Use the purple points (diamond symbol) to plot the economy's long-run aggregate supply (LRAS) curve on the graph.132128LRAS1241201161121081041001020304050607080OUTPUT (Billions of dollars)PRICE LEVEL Suppose the government passes a law that reduces unemployment benefits in a way that causes unemployed workers to seek out new jobs morequickly. The policy will cause the natural rate of unemployment towhich will:O Not affect the long-run aggregate supply curveO Shift the long-run aggregate supply curve to the rightO Shift the long-run aggregate supply curve to the leftIn the following table, determine how each event affects the position of the long-run aggregate supply (LRAS) curve.Direction of LRAS Curve ShiftMany workers leave to pursue more lucrative careers in foreign economies.A scientific breakthrough significantly increases food production per acre of farmland.A natural disaster destroys a significant amount of the economy's production facilities.

Changes in the money supply have only nominal effects in the long run. Only price and inflation are…

5. The slope and position of the long-run aggregate supply curve Suppose the Fed doubles the growth rate of the quantity of money in the economy. In the long run, the increase in money growth will change which of the following? Check all that apply. O The quantity of physical capital O The inflation rate O The price level O The size of the labor force Suppose the economy produces real GDP of $40 billion when unemployment is at its natural rate. Use the purple points (diamond symbol) to plot the economy's long-run aggregate supply (LRAS) curve on the graph. 132 128 LRAS 124 120 116 112 108 104 100 10 20 30 40 50 60 70 80 OUTPUT (Billions of dollars) PRICE LEVEL

5. The slope and position of the long-run aggregate supply curve Suppose the Fed doubles the growth rate of the quantity of money in the economy. In the long run, the increase in money growth will change which of the following? Check all that apply. O The quantity of physical capital O The inflation rate O The price level O The size of the labor force Suppose the economy produces real GDP of $40 billion when unemployment is at its natural rate. Use the purple points (diamond symbol) to plot the economy's long-run aggregate supply (LRAS) curve on the graph. 132 128 LRAS 124 120 116 112 108 104 100 10 20 30 40 50 60 70 80 OUTPUT (Billions of dollars) PRICE LEVEL

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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