Please answer everything in the photos including the graph. Assume the Federal Reserve triples the growth rate of the quantity of money in circulation. In the long run, this increase in money growth will affectwhich of the following? Check all that apply.Suppose when unemployment is at its natural rate the economy produces a level of real GDP equal to $70 billion.Using the purple points (diamond symbol) plot the economy's long-run aggregate supply (LRAS) curve on the graph.PRICE LEVEL132128124120116112 +108104The level of technological knowledgeThe price level.The inflation rateThe quantity of physical capital1000102030 40 50 60 70OUTPUT (Billions of dollars)8090 100LRAS Suppose now the government passes a law that significantly increases the minimum wage. This change in policy will cause the natural rate ofunemployment to , which will:O Not impact 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 leftComplete the following table by determining how each event impacts the position of the long-run aggregate supply (LRAS) curve.Direction of LRAS Curve ShiftA government-sponsored training program increases the skill level of the workforce.The government allows more immigration of working-age adults who find work.This economy's primary source of foreign oil decides to cease exports for political reasons.

Long run aggregate supply curve is vertical at natural rate of output. It hoses output when economy…

Assume the Federal Reserve triples the growth rate of the quantity of money in circulation. In the long run, this increase in money growth will affect which of the following? Check all that apply. Suppose when unemployment is at its natural rate the economy produces a level of real GDP equal to $70 billion. Using the purple points (diamond symbol) plot the economy's long-run aggregate supply (LRAS) curve on the graph. PRICE LEVEL 132 128 124 120 116+ 112 + 108 104 The level of technological knowledge The price level. The inflation rate The quantity of physical capital 100 0 10 20 30 40 50 60 70 OUTPUT (Billions of dollars) 80 90 100 LRAS

Assume the Federal Reserve triples the growth rate of the quantity of money in circulation. In the long run, this increase in money growth will affect which of the following? Check all that apply. Suppose when unemployment is at its natural rate the economy produces a level of real GDP equal to $70 billion. Using the purple points (diamond symbol) plot the economy's long-run aggregate supply (LRAS) curve on the graph. PRICE LEVEL 132 128 124 120 116+ 112 + 108 104 The level of technological knowledge The price level. The inflation rate The quantity of physical capital 100 0 10 20 30 40 50 60 70 OUTPUT (Billions of dollars) 80 90 100 LRAS

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please answer everything in the photos including the graph.

Assume the Federal Reserve triples the growth rate of the quantity of money in circulation. In the long run, this increase in money growth will affect
which of the following? Check all that apply.
Suppose when unemployment is at its natural rate the economy produces a level of real GDP equal to $70 billion.
Using the purple points (diamond symbol) plot the economy's long-run aggregate supply (LRAS) curve on the graph.
PRICE LEVEL
132
128
124
120
116
112 +
108
104
The level of technological knowledge
The price level.
The inflation rate
The quantity of physical capital
100
0
10
20
30 40 50 60 70
OUTPUT (Billions of dollars)
80
90 100
LRAS

Suppose now the government passes a law that significantly increases the minimum wage. This change in policy will cause the natural rate of
unemployment to , which will:
O Not impact the long-run aggregate supply curve
O Shift the long-run aggregate supply curve to the right
O Shift the long-run aggregate supply curve to the left
Complete the following table by determining how each event impacts the position of the long-run aggregate supply (LRAS) curve.
Direction of LRAS Curve Shift
A government-sponsored training program increases the skill level of the workforce.
The government allows more immigration of working-age adults who find work.
This economy's primary source of foreign oil decides to cease exports for political reasons.

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