21Using the table below, find the average duration, the minimum duration, and the maximum duration of expansions inthe United States since 1929.RecessionDuration(months)HighestUnemploymentRate (%)24.9Duration ofsubsequentexpansion(months)50Peak dateTrough date(end)Mar. 1933Change in realGDP (%)(beginning)Aug. 1929May 1937Feb. 194500:58:2743--28.8June 19381319.0-5.580SkippedOct. 19458.3.9-8.537Nov. 1948Oct. 1949115.9-1.445July 1953Aug. 1957Apr. 1960Dec. 1969May 1954Apr. 1958Feb. 1961105.5-1.2398.6.8-1.724106.72.3106Nov. 1970115.90.136Nov. 1973Mar. 1975168.5-1.15812July 1980Nov. 1982Jan. 19806.7.6-0.3-2.192July 1981July 1990Mar. 2001169.7Mar. 19918°7.5-0.9120Nov. 200185.80.873Dec. 2007June 20091810.0-4.1naInstruction: Enter your responses as whole numbers.meAverage duration:Minimum duration:Maximum duration:Are expansions getting longer or shorter on average over time? (Click to select)Is there any tendency for long expansions to be followed by long recessions? (Click to select) +21 of 25Next >McGrawHill< PrevWPI56APR

Recession is a period during which growth in real GDP is lower than the average. During a recession,…

Instruction: Enter your responses as whole numbers. Average duration: Minimum duration: Maximum duration: Are expansions getting longer or shorter on average over time? (Click to select) + Is there any tendency for long expansions to be followed by long recessions? ((Click to select) +

Instruction: Enter your responses as whole numbers. Average duration: Minimum duration: Maximum duration: Are expansions getting longer or shorter on average over time? (Click to select) + Is there any tendency for long expansions to be followed by long recessions? ((Click to select) +

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4) For each outcome below, tell what type of shift must have taken place in either the aggregate demand curve or the long-run aggregate supply curve. (a) In the short run, the price level is unchanged and output rises. (b) In the long run, the price level declines and output is unchanged. (c) In the long run, the price level rises and output decline.
4. A large decline in government purchases: Suppose there is a large temporary decline in government purchases in the economy, financed by an unspecified decline in future lump sum taxes. (a) Analyze the effect of the shock in the labor market diagram of a standard DSGE model (with no sticky prices or wages). What is the effect on the real wage and employment in the short run? (b) How would your answer change if there are sticky prices? (c) Discuss how your answer relates to the impulse response functions shown in Figure 15.12. (Hint: That figure is for an increase in government pur- chases, so you need to switch the sign of the effects in that figure.) FIGURE 15.12 The Dynamic Effects of a Shock to Government Purchases Percent change Percent change 1 GDP 0.5 0.5- 0 Consumption -0.5 15 20 10 Quarters after the shock 0 -0.5- 5 Percent change 0.7 0.6 0.5- 0.4- 0.3- 0.2 0.1 0 0 5 Hours worked 20 10 15 Quarters after the shock 5 Percent change 0.4 0.3- 0.2 0.1 0 0 5 10 15 20 Quarters after…
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Question 13 (Mandatory) (1 point) Consider the nature of macroeconomic equilibrium. If, at a particular price level, aggregate output demanded is less than that supplied by producers, then O the price level will rise toward its equilibrium value. the aggregate supply curve will shift to the left, re-establishing an equilibrium. the price level will decline toward its equilibrium value. the aggregate demand curve will shift to the right, re-establishing an equilibrium. the aggregate supply curve will shift to the right, re-establishing an equilibrium.
During an economic downturn in the US, the automobile industry sales fell 1.2% from the previous year's sales of $6.3 million. Calculate the expected sales in millions after the decline (round to the nearest hundreth of a million) Blank 1
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(Supply Shocks) Give an example of an adverse supply shock and illustrate graphically. Now do the same for a beneficial supply shock.
(17) Assume that the economy begins in long run equilibrium and the central bank increases the target interest rate. In the short run, what happens to the level of GDP? Group of answer choices (A) It stays the same (B) It goes up (C) It goes down
23. Suppose the country of Nickeltown decides to increase government spending. In which of the following situations would this policy be most effective at stabilizing the economy? OWhen Nickeltown is in an expansion OWhen Nickeltown is in a recession OWhen Nickeltown is at long-run equilibrium Answers (in progress) Answer Points 1 Report technical issue · Email instructor
Edit question I'm on a real (Online) Assessment right now, need your help and ASSISTANCE So, Please answer Quickly, and concentrate on Answer(s) only 13 The economy is facing difficulty, and economists suggest that a recession has begun. If the market has fallen by 10%, which of the following sectors is most likely to fall less than the market? Utilities Consumer Discretionary Industrials Energy