PRICE LEVEL 2 A. 10 P₁ 8 6 0 0 2 6 B SRAS 10 Q₁ 12 14 REAL GDP (Trillions of dollars) LRAS The equilibrium A₁, shown on the graph, reveals that real GDP (Q1) is shifting SRAS Natural Real GDP. As a result, wages will over time, acer
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- Question 23 Which of the statements below is true? ORAfim eaming zero economic profits is not earning its opportunity cost OA The value of service provided by the miltary is included in GDP at market value Oc hcome resulting from unemployment benefts is included in GDP O& Other things equal in a market in equilbrum, any change in a determinant of demand will change the equilibrium quantity supplied11Use for questions 9-11 PRICE LEVEL B LRAS C A D AD₂ QUANTITY OF OUTPUT SRAS, SRAS: AD₁
- A The old price level still remains unchanged. Which of the below graphs is the correct depiction of the change in the previous two questions? P P (b) (a) P AS AS1 ASASO P P YB YA (c) P Y P YC➡YD Y (d) P AD1 ADO ADO AD YF YE Y YG YH Y - B Which points (or what distance) demonstrate the disequilibrium between the expenditure and output on the graph you chose? C Now the markets suggest a new price level at which output will equal expenditure. Graph an AS/AD and in it show with an arrow how the real balances effect, the interest rate effect, and the foreign effect will adjust the price level to match expenditure to output. D Now on a separate graph show how the worker cost effect will drive firms to hire or fire workers so that their output matches the expenditure.Assume an economy operates in the intermediaterange of its aggregate supply curve. State thedirection of shift for the aggregate demandor aggregate supply curve for each of thefollowing changes in conditions. What is theeffect on the price level? On real GDP? Onemployment?a. The price of crude oil rises significantly.b. Spending on national defense doubles.c. The costs of imported goods increase.d. An improvement in technology raises laborproductivity.What effect has the hand sanitiser market during COVID had on Australia's GDP?
- As described in the article entitled "The Thomy Economics of legal immigration, Arizona adopted legislation that restricted (by as much as 40%) the number of legal immigrants coming into the state. This had the economic effect of OA Reducing Arizona's GOP but had the intended effect of atering production processes as employers hired more workers OB increasing overall output in the state as the supply of goods increased (as costs were falling) C Reducing Arizona's GDP OD. Decreasing the wage rates for and increasing the total employment of unsalted labor in the sOn a microeconomic demand curve, a decrease in price causes an increase in quantity demanded because the product in question is now relatively less expensive thansubstituteproducts.Explainwhyaggregatedemand does not increase for the same reason in response to a decrease in the aggregate price level. In other words, whatcausestotalspendingtoincreaseifitisnotbecause goods are now cheaper?What kind of economic changes in the economy would lead the curve tobe more steeply sloped?
- Given the input-output matrix Industry Oil 180 Final Demand Industry Health 240 120 Housing 144 Health 36 Oil 36 48 156 240 Housing Other 120 72 48 120 72 240 Suppose final demand changes to 77 for Health, 154 Oil, and 231 for Housing. Find the output matrix for the economy. (The entries are in billions of pesos).Intermediate Macroeconomics, Chapter 4 nel, 127 4.4 Exercisessbi cod hasdioeoolslngo) S. seea Yei ted loo-ddo i noonu noitouh ng Exercise 4.1 (The U.S. Population Slowdown and Income Per Capita). noitaluqoq bnn losig) U.S. Population in Selected Years o bns boirsq ai fsbom wolo2 adt o Year ToMood o (n or 1870 anbron ber boaont 1871 Population in millions ottslogobiw 40.24 tadn toq lesiqes 41.10 S c 2015 abon hec 321.08 wolod ards lo eoteteng sdi lo eod ai A bas A paiepa sige 323.30 2016 V ent por yo lssa Jobom the al output 1. Using the information provided in the table, calculate the population bojon growth rate between 1870 and 1871 and between 2015 and 2016. Denote these two numbers n and n', respectively.sTbalonab bast bas lo Todmun odt tadd osogqueI>o > 0 dtiw T = (.T) s9 0.1), 2. Suppose that the depreciation rate is 10 percent per year (8 = 0odT (n+I)=14.e adt boinoq roq 0Consider the figure to the right. What change in the position of the aggregate demand curve could generate inflation that is, an increase in the equilibrium price level? What type of variation in the quantity of money placed into circulation by the Bank of Canada could generate such a change in the position of the aggregate demand (AD) curve? in aggregate demand. The Bank of Canada could generate such a change in the position of the aggregate demand (AD) A rise in the equilibrium price level could be caused by curve by the quantity of money placed into circulation. 1.) Using the line drawing tool, draw a new AD curve that shows the effects of increasing the quantity of money in circulation. Label your line "AD₂." 2.) Using the point drawing tool, indicate the economy's new long-run equilibrium price and level of real GDP. Label this point "E₂." Carefully follow the instructions above, and draw only the required objects.SEE MORE QUESTIONS
