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D2
![The
equilibrium level of income determined
by the equality of Aggregate Demand and
Aggregate Supply indicate the full
employment level.
O a. False
b.
True](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F784a260d-7647-4da3-9770-5a1d45b0e03f%2F805214bf-8a6d-4879-95fd-46da577f66c5%2Fgqpil0b_processed.jpeg&w=3840&q=75)
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- Assume an economy operates in the intermediaterange of its aggregate supply curve. State thedirection of shift for the aggregate demandor aggregate supply curve for each of thefollowing changes in conditions. What is theeffect on the price level? On real GDP? Onemployment?a. The price of crude oil rises significantly.b. Spending on national defense doubles.c. The costs of imported goods increase.d. An improvement in technology raises laborproductivity.Assume that a Cob-Dougls production functionis a god representaion of the economy, the substitution efecti stronger than the income efect an tht the economy was intaly at quirum. Suppose that Congress pases alaw that requires al orersto retre at g 72, nstead of 6. Hthe wage is fexble, what il happent uirium outpu? The equilbrium output level wi ncrease OThe euirium outut eve wil derese ( The equilibrium output level will emain constant Not enough information i gven to detemine the answerWhich of the following policies will NOT shift the Aggregate Expenditure curve upward? Select one: O a. increasing autonomous taxes O b. decreasing autonomous taxes O c. increasing autonomous transfer payments O d. increasing government expenditures on goods and services
- 5Imagine there is a consumption smoother (also known as a PIH consumer) who expectsto live for another 40 years and to work for another 30 years. They just learned thatthey will receive a permanent pay increase from their job of $800. How much extra dothey consume this year? What is their marginal propensity to consume?Which of the following will NOT shift the ADTT curve? O a. A rise in consumer confidence O b. A rise in interest rates O c. A rise in government spending O d. A rise in exports
- Suppose an economy can be represented by the folowing table, in which employment is in millons of workers and GDP and AE are expressed in billions of dollars: Employment 100 Real GDP Aggregate Expenditures 1275 1350 1425 1500 1575 1650 1200 105 1300 1400 1500 1600 1700 110 115 120 125 fut employment is 120 milion workers? What is its what kind of expenditure oap exists size? Suppose government spending, taxes, and net exports ane all independent of the level of rcal GDP. What is the multplier an ths economy? below the econemy's potential, what is the size of the recessionary expenditure qaptCongratulationst You have been appointed an economic policy adviser to the United States, You are told that the economy is significantly abowe futtemplyoment GDP. Based on this inlormation, how can the economy would adjust to reach LR.SR Equilbrium (Classical View)? The economy wilt experience low unemployment rate, pushing wages up, and increasing the pelces of a key input (labor). shatting the sAS to the left (up). The economy will experience high unemployment rate, pushing wages down, and reducing the prices of a key input (labor). shiting the SAS to the right (down). The econoriny wil experience low unemployment rate, decreasing inceme, which will eventually shift the AD to the left. The eooncmy will experience low unemployment rate, pushing wages up, and increasing the prices of a key input (labor), shiting the sAs to the night (down).Fluctuations in the economy caused by policymaker's manipulation of the economy for the purpose of affecting electoral outcomes is known as the O Income effect O Time inconsistency of policy O Discretionary effect O Substitution effect O Political cycle
- According to Say's law which of the following statement is correct O a. The equilibrium of national income occurs where aggregate demand is equal to aggregate supply. b. Demand creates supply O c. None O d. Supply creates it's on demand O e. Full employment createsWhich of the following will NOT shift the ADT curve? O a. A rise in government spending O b. A rise in exports Ос. A rise in interest rates O d. A rise in consumer confidenceAn increase in..........will increasesupplySelect one:O a. TaxesO b. Income of consumers.SubsidiesO dd. Number of consumers
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