Price level (GDP deflator, 2005 100)13012011010090LAS SASAD0 12.0 12.5 13.0 13.5 14.0 14.5Real GDP (trillions of 2005 dollars)In the figure above, in the short-run macroeconomic equilibrium,b.there is no structural unemployment.real GDP is greater than potential GDP.real GDP equals potential GDP.C.d. real GDP is less than potential GDP. AS₁AS₂1*1*ADPrice levelASADReal domestic output Real domestic output(A)(B)AD₂AD₁AS₂Price levelAS₁c. Cd. DASAD₁AD₂Real domestic output Real domestic output(D)(C)5. Which of the above diagrams best portrays the effects of a dramaticincrease in energy prices?a. Ab. B

Aggregate demand is the sum of consumption, investment, government spending and net export. The…

AS₁ AS₂ 1*1* AD Price level AS AD Real domestic output Real domestic output (A) (B) AD₂ AD₁ AS₂ Price level AS₁ c. C d. D AS AD₁ AD₂ Real domestic output Real domestic output (D) (C) 5. Which of the above diagrams best portrays the effects of a dramatic increase in energy prices? a. A b. B

AS₁ AS₂ 11 AD Price level AS AD Real domestic output Real domestic output (A) (B) AD₂ AD₁ AS₂ Price level AS₁ c. C d. D AS AD₁ AD₂ Real domestic output Real domestic output (D) (C) 5. Which of the above diagrams best portrays the effects of a dramatic increase in energy prices? a. A b. B

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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