Price level (CPI) 95 100 105 110 115 120 Aggregate demand (€ bill.) 1000 970 950 930 915 900 Aggregate supply (€ bill.) 950 970 1000 1030 1060 1100 The table above shows the aggregate demand and aggregate supply schedules for a particular country in 2018. Suppose that in the next 12 months aggregate demand increases (shifts rightward) by €70 billion at all price levels and aggregate supply increases (shifts rightward) by €20 billion at all price levels. Assume that over the following 12 months aggregate demand rises by a further €50 billion at all price levels but there is no increase in aggregate supply beyond the initial €20 billion. What is the new equilibrium level of national income (GDP) in 2020? Give only a numerical answer with no symbols. Use a point (.) as a decimal separator and nothing as a thousand separator (e.g., 3150.5 and not 3.150,5).

Price level (CPI) 95 100 105 110 115 120 Aggregate demand (€ bill.) 1000 970 950 930 915 900 Aggregate supply (€ bill.) 950 970 1000 1030 1060 1100 The table above shows the aggregate demand and aggregate supply schedules for a particular country in 2018. Suppose that in the next 12 months aggregate demand increases (shifts rightward) by €70 billion at all price levels and aggregate supply increases (shifts rightward) by €20 billion at all price levels. Assume that over the following 12 months aggregate demand rises by a further €50 billion at all price levels but there is no increase in aggregate supply beyond the initial €20 billion. What is the new equilibrium level of national income (GDP) in 2020? Give only a numerical answer with no symbols. Use a point (.) as a decimal separator and nothing as a thousand separator (e.g., 3150.5 and not 3.150,5).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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