Aggregate price level 0 Reference Ref 12-5 LRAS Potential GDP SRAS Real GDP Figure: Aggregate Supply) Look at the figure Aggregate Supply. If the economy is at point E A potential output will decrease B. actual output is less than potential output C. actual output is more than potential output D. actual output is equal to potential output

Aggregate price level 0 Reference Ref 12-5 LRAS Potential GDP SRAS Real GDP Figure: Aggregate Supply) Look at the figure Aggregate Supply. If the economy is at point E A potential output will decrease B. actual output is less than potential output C. actual output is more than potential output D. actual output is equal to potential output

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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magine an economy in which nominal GDP grew between 2018 and 2019 and real GDP fell during that same time period. Which of the following answers might explain this? Question 30 options: A) both prices and national output increased between 2018 and 2019 B) both prices and national output fell between 2018 and 2019 C) prices in the economy increased while national output fell between 2018 and 2019 D) prices in the economy fell while national output increased between 2018 and 2019
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Refer to the figure to answer two questions. Price Level (average price) PE E a. How much output is unsold at the price level P₁? OD-S OS-QE 05-D₁ OQE-Di OP₁ b. At what price level is all output produced sold? OP₁-PE O PE+ P1 OPE Aggregate supply D₁ QE S₁ Real Output (quantity per year) Aggregate demand
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Price level (GDP price Index 2012-100) Pocential AS 130 GDP 120 110 100 90 AD 19.0 195 20.0 20.5 21.0 21.5 Real GDP (trillons of 2012 dollars) In the figure above, the economy is at an equilibrium with real GDP of $20 trillion and a price level of 110. As the economy moves toward its ultimate equilibrium, the curve shifts because O a. aggregate supply; leftward; the money wage rate rises O b. aggregate supply; rightward; the money wage rate falls O c. aggregate demand; leftward; the money wage rate rises d. potential GDP; leftward; the money wage rate falls O e. aggregate demand; rightward; the money wage rate falls
P4 AS2 AS, Aggregate output Y Figure 11.3 Refer to Figure 11.3. Hurricane Katrina destroyed a large portion of the infrastructure along the Gulf of Mexico coast. This caused Select one: a. the short-run aggregate supply curve to shift from AS 1 to AS 0- b. the short-run aggregate supply curve to shift from AS 1 to AS 2. c. the economy to move from Point C to Point B along AS 1. d. the economy to move from Point B to Point A along AS 1. Price level
You are HR director for a growing architecture firm in Fort Lauderdale, Florida, which currently has need of drafting 20 blueprints every hour. Each of your company’s architects can create on average four blueprints per hour. You are considering hiring four drafters to shoulder the load; each drafter is slower than the architects and can create on average only two blueprints per hour. You scan the current wages in the Ft. Lauderdale area (https://www.bls.gov/oes/current/oessrcma.htm) and notice that the architects in your company earn the local occupational median wage of $30.14 per hour, but that the prospective four drafters will likely each want to get paid their local occupational median wage of $23.52 per hour. a. Would your company save money in the creation of the 20 blueprints by hiring the four new drafters and firing some architects? b. The Bureau of Labor Statistics projects that employment of drafters over the next decade will drop by 1.2%, compared to an increase of…
170 Price 140 level 120 100 D AD5 AD4 AD 3 AD, AD2 3.0 4.0 5.0 6.0 7.0 8.0 Real GDP In Exhibit 20-8, if aggregate demand shifts from AD₁ to AD3, O a. real GDP will increase from $3.0 to $4.0, and the price level will increase from 100 to 140. Ob. real GDP will increase from $3.0 to $7.0, and the price level will increase from 100 to 120. Oc. real GDP will increase from $3.0 to $7.0, and the price level will increase from 100 to 140. Od. real GDP will increase from $3.0 to $4.0, and the price level does not change.
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