he graph shows an economy at full employment. how the effect of an increase in the quantity of money. Draw either a new ggregate demand curve labeled AD, or a new aggregate supply curve labeled S₁. Draw a point at the new macroeconomic equilibrium. To restore full employment, the money wage rate will OA. rise and aggregate supply decreases; rises OB. riseand aggregate demand decreases; falls OC. fall and aggregate demand decreases; falls OD. fall and aggregate supply decreases; rises The price level 140 130- 120- 110- 100- 90- 80- Price level (GDP price index, 2009=100) Potential GDP 110 ADO 500 ASO 600 Real GDP (trillions of 2009 dollars) >>> Draw only the objects specified in the question. 700 800 900 1000 1100 Q

he graph shows an economy at full employment. how the effect of an increase in the quantity of money. Draw either a new ggregate demand curve labeled AD, or a new aggregate supply curve labeled S₁. Draw a point at the new macroeconomic equilibrium. To restore full employment, the money wage rate will OA. rise and aggregate supply decreases; rises OB. riseand aggregate demand decreases; falls OC. fall and aggregate demand decreases; falls OD. fall and aggregate supply decreases; rises The price level 140 130- 120- 110- 100- 90- 80- Price level (GDP price index, 2009=100) Potential GDP 110 ADO 500 ASO 600 Real GDP (trillions of 2009 dollars) >>> Draw only the objects specified in the question. 700 800 900 1000 1100 Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Someone answer this question asapA decrease in the expected price level shifts short-run aggregate supply to the A. left, and an increase in the actual price level shifts short run aggregate supply to the left. B. right, and an increase in the actual price level shifts short run aggregate supply to the right. C. right, and an increase in the actual price level does not shift short-run aggregate supply. D. left, and an increase in the actual price level does not shift short-run aggregate supply.
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ans ences rations If in Year 1 the price level was 100 and real GDP was $20 trillion and in Year 2 the price level was 105 and real GDP was $21 billion, then the predominant change that occured in Year 2 was OA a decrease in aggregate demand. B. an increase (shift to the right) in short-run aggregate supply. OC. a decrease (shift to the left) in short-run aggregate supply OD. an increase in aggregate demand.
3. Explain whether each of the following events will increase, decrease, or have no effect on longrun aggregate supply in your country. a. There is an increase in immigration into your country. b. Your government introduces a minimum wage above the market-clearing wage rate. c. Intel invents a new and more powerful computer chip. d. A severe flood damages factories.
Suppose the economy is in long-run equilibrium. If there is a sharp decline in the stock market combined with a temporary increase in oil price, then we would expect that in the short run, a. real GDP will rise and the price level might rise, fall, or stay the same. b. real GDP will fall and the price level might rise, fall, or stay the same. c. the price level will rise, and real GDP might rise, fall, or stay the same. d. the price level will fall, and real GDP might rise, fall, or stay the same. 20. Suppose the economy is in long-run equilibrium. If there is a sharp decline in the stock market combined with a temporary increase in oil price. then we would expect that in the short run, real GDP will rise and the price level might rise, fall, or stay the same. real GDP will fall and the price level might rise, fall, or stay the same. c. the price level will rise, and real GDP might rise, fall, or stay the same. d. the price level will fall, and real GDP might rise, fall, or stay the…
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01 10 CO xp 381 In the figure, 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 0 0 0 0 0 A. aggregate demand; leftward; the money wage rate rises B. aggregate supply: rightward; the money wage rate falls OC. potential GDP; leftward; the money wage rate falls D. aggregate demand; rightward; the money wage rate falls OE. aggregate supply; leftward; the money wage rate rises 130- 120- 110- 100- Price level (GDP price Index, 2012 = 100) Potential GDP 90- AS AD 19.0 19.5 20.0 20.5 21.0 21.5 22.0 Real GDP (trillions of 2012 dollars) ✓ ✓ 5
Suppose the economy is in long-run equilibrium. If there is a sharp increase in the minimum wage as well as an increase in taxes, then in the short run, real GDP will a. rise and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be unaffected. b. fall and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be unaffected. c. rise and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be lower. d. fall and the price level might rise, fall, or stay the same. In the long run, the price level might rise, fall, or stay the same but real GDP will be lower.
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Price level Figure 10-7 LRAS SRAS₂ SRASO J H SRAS ADO Real GDP Refer to Figure 10-7. Starting from long-run equilibrium at point F, at which of the following points would short-run equilibrium occur following a drought in the Midwestern states? O al O b. F OC.G O d.H