Infation Rate Price Level Suppose that a rise in consumer spending causes an expansion. On the following graph, shift one or both curves to reflect the short-run effect of the rise in consumer spending. Quantity of Output O Aggregate Supply Aggregate Demand Aggregate Demand Aggregate Supply ⑦ On the following graph, shift a curve or adjust the point to reflect the short-run effect of the rise in consumer spending. LRPC Unemployment Rate SRPC SRPC 0 Short-Run Outcome LRPC In the short run, inflation falls and unemployment rises Now suppose that over time, expected inflation changes in the same direction that actual inflation changes. On both of the preceding graphs, shift the appropriate curve or curves to reflect the change that brings the economy to its long-run state After the expansion is over, the economy faces a worse set inflation-unemployment combinations.

Infation Rate Price Level Suppose that a rise in consumer spending causes an expansion. On the following graph, shift one or both curves to reflect the short-run effect of the rise in consumer spending. Quantity of Output O Aggregate Supply Aggregate Demand Aggregate Demand Aggregate Supply ⑦ On the following graph, shift a curve or adjust the point to reflect the short-run effect of the rise in consumer spending. LRPC Unemployment Rate SRPC SRPC 0 Short-Run Outcome LRPC In the short run, inflation falls and unemployment rises Now suppose that over time, expected inflation changes in the same direction that actual inflation changes. On both of the preceding graphs, shift the appropriate curve or curves to reflect the change that brings the economy to its long-run state After the expansion is over, the economy faces a worse set inflation-unemployment combinations.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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