NEWS WIRE SHIFTING AGGREGATE SUPPLY Harvey Slams Into Houston Area Hurricane Harvey is turning into one of the costliest natural disasters in U.S. history. The Houston area was the hardest hit. Winds of up to 132 miles per hour and unrelenting rainfall have inflicted $125 billion of damage. Over 300,000 structures and 500,000 vehicles were damaged, displacing 32.000 people. Houston's two airports were shut down, and flooding closed most roadways. Houston-area oil refineries were also shut down, eliminating about 20 percent of the state's gasoline supply. Source: News accounts of August-September 2017. NOTE: An external shock can disrupt both the demand and supply sides of the economy. The damage caused by Hurricane Harvey to transportation and production systems made supplying o g output m at more d e difficult, more time-consuming, and more expensive. a. Did aggregate supply increase or decrease because of Hurricane Harvey? b. What are the macro results? c. How can the economy stay healthy in this case? Government could enact policy to cause aggregate demand to Government could enact policy to cause aggregate supply to Aggregate supply Output Price level

NEWS WIRE SHIFTING AGGREGATE SUPPLY Harvey Slams Into Houston Area Hurricane Harvey is turning into one of the costliest natural disasters in U.S. history. The Houston area was the hardest hit. Winds of up to 132 miles per hour and unrelenting rainfall have inflicted $125 billion of damage. Over 300,000 structures and 500,000 vehicles were damaged, displacing 32.000 people. Houston's two airports were shut down, and flooding closed most roadways. Houston-area oil refineries were also shut down, eliminating about 20 percent of the state's gasoline supply. Source: News accounts of August-September 2017. NOTE: An external shock can disrupt both the demand and supply sides of the economy. The damage caused by Hurricane Harvey to transportation and production systems made supplying o g output m at more d e difficult, more time-consuming, and more expensive. a. Did aggregate supply increase or decrease because of Hurricane Harvey? b. What are the macro results? c. How can the economy stay healthy in this case? Government could enact policy to cause aggregate demand to Government could enact policy to cause aggregate supply to Aggregate supply Output Price level

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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