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- A central bank forecasts a rise in raw material costs. The government plans to increase spending on health and education. The initial equilibrium point is shown by X on the aggregate demand, AD, and aggregate supply, AS, diagram. What would be the new equilibrium point in the short run if the forecasts prove to be accurate and the government plans are implemented? AS, AS2 general price level AS B A AD, AD AD, real output C.Which of the following would shift the long-run aggregate supply curve to the right?a. a decrease in the rate of inflationb. an increase in the growth rate of spendingc. a severe drought that decreases crop production and as a result raises pricesd. the invention of a new computer chip that makes assembly production twice as fastExplain/discuss how an exogenous increase of Mexico’s GDP will influence U.S. aggregate demand and GDP.
- Refer to the information provided in Figure below to answer the question(s) that follow. AS2 AS1 ASo AD1 Y Y2 Y Yo Aggregate output Figure Refer to Figure Assume the economy is at Point A. Lower oil prices shift the aggregate supply curve to ASO. If the government decides to counter the effects of lower oil prices by decreasıng government spending, then the price level will be than Po and output will be than Y0- Select one: a. greater; greater b. less; less C. greater; less d. less; greater Price levelAssume an economy operates in the intermediate range of its aggregate supplycurve. For each of the following changes in conditions, state the direction of theeffect on: aggregate demand, aggregate supply, price level, real GDP.(a) A decrease in government expenditure in infrastructure(b) A severe recession occurs in a country which has been a major importer of thenation’s exports.(c) The federal government increases business taxes with diagramPlease Define Aggregate supply in no more than 3 lines
- Using aggregate demand and aggregate supply, graph the effects on the price level and GDP of each of the following. Draw a large graph and label all axes, initial and final equilibrium points, direction of shift if any, all curves and lines, equilibrium values on the x- and y-axes. State the conclusion in words. a. A cut in income taxes b. An increase in military spending c. A drop in export demand by foreign purchasers d. An increase in imports e. A decline in business investment spendingOther things equal, what effects would each of the following have on aggregate demand or aggregate supply? In each case use a diagram to show the expectedeffects on the equilibrium price level and the level ofreal output.a. A reduction in the economy’s real interest rate.b. A major increase in federal spending for healthcare (with no increase in taxes).c. The complete disintegration of OPEC, causing oilprices to fall by one-half. d. A 10 percent reduction in personal income taxrates (with no change in government spending).e. A sizable increase in labor productivity (with nochange in nominal wages).f. A 12 percent increase in nominal wages (with nochange in productivity).g. A sizable depreciation in the international value ofthe dollar.Explain what will happen as a result of the following events. In each case, draw an aggregatedemand and short-run aggregate supply diagram showing the initial equilibrium output level (Y0) andprice level (P0). Show any changes, indicate the final equilibrium output level and price level andexplain briefly.a. The economy is in a recession. An increase in government purchases occurs. The Fedtries to maintain the interest rate. b. The economy is operating near full capacity. Now environmental pollution standardsare tightened substantially.
