908001a2345REAL GDP (Trillions of dollars)67bIdentify which curve on the previous graph corresponds to each description in the following table. If the curve described does not appear on thegraph, choose Not Shown.DescriptionShort-run aggregate supply (SRAS) when there is an inflationary gapShort-run aggregate supply (SRAS) when the economy is at long-run equilibriumShort-run aggregate supply (SRAS) when there is a recessionary gapLong-run aggregate supply (LRAS)Aggregate demand (AD)aOOOOObOOOOOсOOOOOdOOOONot ShownOOO OO The following graph shows several aggregate demand and aggregate supply curves for an economy whose potential output is $4 trillion. The curvesare labelled a, b, c, and d. Three points on the graph are also indicated by grey stars and labelled X, Y, and Z.PRICE LEVEL16015014013012011010090800с1da235REAL GDP (Trillions of dollars)67b?Identify which curve on the previous graph corresponds to each description in the following table. If the curve described does not appear on thegraph, choose Not Shown.

"Aggregate demand curve depicts the total amount of final commodities demanded in a country at a…

Identify which curve on the previous graph corresponds to each description in the following table. If the curve described does not appear on the graph, choose Not Shown. Description Short-run aggregate supply (SRAS) when there is an inflationary gap Short-run aggregate supply (SRAS) when the economy is at long-run equilibrium Short-run aggregate supply (SRAS) when there is a recessionary gap Long-run aggregate supply (LRAS) Aggregate demand (AD) roo O O O O b O O O O O с O O O O d O O O Not Shown O

Identify which curve on the previous graph corresponds to each description in the following table. If the curve described does not appear on the graph, choose Not Shown. Description Short-run aggregate supply (SRAS) when there is an inflationary gap Short-run aggregate supply (SRAS) when the economy is at long-run equilibrium Short-run aggregate supply (SRAS) when there is a recessionary gap Long-run aggregate supply (LRAS) Aggregate demand (AD) roo O O O O b O O O O O с O O O O d O O O Not Shown O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Economics
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Need help with this. Please show how to do the graph too. Thanks!
Suppose our economy is in macroeconomic equilibrium (also called "general equilibrium") with an upward-sloping aggregate supply curve and a downward-sloping aggregate demand curve. An increase in aggregate demand will: Question 5 options: a) Increase aggregate supply. b) Decrease the price level. c) Causes the aggregate supply to shift to the right. d) Increase real GDP. e) Reduce the number of discouraged workers in the unemployment rate.
Aggregate demand and aggregate supply, based on a problem from “Principles of Economics” by N. Gregory Mankiw a) List the components of country’s GDP in an open economy. For each component, provide an example of an event that would cause a shift of the aggregate demand curve to the right.b) What will be the effect of such events on the level of prices and the real outcome in the short run? Provide a graph.c) What will be the effect of such events on the level of prices and the real outcome in the longrun? Update your graph
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The following events shift either aggregate demand, aggregate supply, both or neither. Using a diagram, illustrate the effect of the events on the economy. In particular, explain the effect of each event on price level, real GDP and equilibrium in the economy. A) A recent business survey reported that business confidence has declined. B) Government cuts the rate of personal income tax after a pandemic caused an economic slowdown. C) A recent flooding in a small rural region destroyed the potato crop. D) A booming economy in a neighbouring country has drawn many working age people (and their families) to emigrate there in search of jobs and better life.
Ilustrate on a graph the effect on output and the price level if there is an increase in aggregate demand along the nearly flat part of the aggregate supply curve.
Consider the model of aggregate demand (AD) and supply in Chapter 10 of Mankiw 6e, which distinguishes between the long-run aggregate supply curve (LRAS) and short- run aggregate supply curve (SRAS). Using this model, analyze the impact of each scenario in the short run and in the long run by drawing the appropriate graph. Denote the initial equilibrium point as "A", the short-run equilibrium point as "B", and the new long-run equilibrium point as "C". Indicate through arrows the movement in equilibrium point from the short run to the long run. a. Implementation of lockdown policies which limited the mobility of people, thus causing consumers to spend less. b. Scenario (a) plus decline in labor force participation and widespread closure of businesses like in COVID-19 pandemic. c. Oil price hike which increases the costs of production. d. Scenario (c) plus government response in the form of accommodative monetary policy and fiscal stimulus to prevent the decline in output