Question 18 In the AD/AS model, high cyclical unemployment would result in output that is substantially to the right of potential GDP output that is substantially to the left of potential GDP zero unemployment no possible impact on output

Question 18 In the AD/AS model, high cyclical unemployment would result in output that is substantially to the right of potential GDP output that is substantially to the left of potential GDP zero unemployment no possible impact on output

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

One way that inflationary pressure is shown in the AD/AS model is
a leftward shift in the AD curve
88
a leftward shift in the AD curve combined with a rightward shift in the SRAS curve
a rightward shift in the SRAS curve
a leftward shift in the SRAS curve
Question 18
O
In the AD/AS model, high cyclical unemployment would result in
output that is substantially to the right of potential GDP
output that is substantially to the left of potential GDP
zero unemployment
no possible impact on output
Question 19
In the AD/AS model, a recession can be represented by
an equilibrium associated with full employment in the economy
an equilibrium that is substantially to the right of the potential GDP line
an equilibrium that is relatively far left of the potential GDP line
an equilibrium that falls directly on the potential GDP line

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