5. What is the level of Potential GDP in Spain? 6. What is the size of real GDP in the short run equilibrium? 7. What is the price level in the short-run equilibrium?
5. What is the level of Potential GDP in Spain? 6. What is the size of real GDP in the short run equilibrium? 7. What is the price level in the short-run equilibrium?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Use the following information to answer questions 5 through 7:
The graph below shows the AD-AS diagram for Spain. All numbers are in billions.
1100-
1000
AD
900
800
700-
600 -
500
400-
309
RAS
E200.
10-
LRAS
100
Z00, GB
500
600
700
800
900
1000
10
5. What is the level of Potential GDP in Spain?
6. What is the size of real GDP in the short-run equilibrium?
7. What is the price level in the short-run equilibrium?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F60649cb9-9746-4cb8-95e8-6a30f02fe030%2F340f1ddf-4313-4042-86c6-bc7c554390bf%2F52hbl1j_processed.png&w=3840&q=75)
Transcribed Image Text:Use the following information to answer questions 5 through 7:
The graph below shows the AD-AS diagram for Spain. All numbers are in billions.
1100-
1000
AD
900
800
700-
600 -
500
400-
309
RAS
E200.
10-
LRAS
100
Z00, GB
500
600
700
800
900
1000
10
5. What is the level of Potential GDP in Spain?
6. What is the size of real GDP in the short-run equilibrium?
7. What is the price level in the short-run equilibrium?
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