four possible outcomes for 2017, depending on the level of aggregate demand in that year. Potential GDP is $9 trillion and the natural unemployment rate is 6 percent. A B C D Price level (2016100) 102.5 105.0 107.5 110.0 Unemployment rate (percent of labor force) 9 6 4 3 Draw the four points A,B,C, and D on the aggregate supply curve using the data in the table. Label the points. Draw the short-run aggregate supply curve. Label it AS. >>> Calculate values of real GDP to 1 decimal place. 112- 111- 110- 109- 108- 107- 106- 105- 104- 103- 102- 101- 100- 8.3 Price level (GDP price index 2016 = 100) 8.5 8.7 8.9 9.1 9.3 Real GDP (trillions of 2016 dollars) >>> Draw only the objects specified in the question. 9.5 9.7 G C C

four possible outcomes for 2017, depending on the level of aggregate demand in that year. Potential GDP is $9 trillion and the natural unemployment rate is 6 percent. A B C D Price level (2016100) 102.5 105.0 107.5 110.0 Unemployment rate (percent of labor force) 9 6 4 3 Draw the four points A,B,C, and D on the aggregate supply curve using the data in the table. Label the points. Draw the short-run aggregate supply curve. Label it AS. >>> Calculate values of real GDP to 1 decimal place. 112- 111- 110- 109- 108- 107- 106- 105- 104- 103- 102- 101- 100- 8.3 Price level (GDP price index 2016 = 100) 8.5 8.7 8.9 9.1 9.3 Real GDP (trillions of 2016 dollars) >>> Draw only the objects specified in the question. 9.5 9.7 G C C

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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