QUESTION 4Exhibit 5-2: The Aggregate Demand and Supply DiagramLong-RunAggregateSupplyShort-RunAggregateSupplyAggregateDemandReal GDPIn the Aggregate Demand and Supply model (shown), a rightwardshift of the short-run aggregate supply curve would result in an increase inthe unemployment rate and deflation.QUESTION 5Exhibit 5-2: The Aggregate Demand and Supply DiagramLong-RunAggregateSupplyShort-RunAggregateSupplyAggregateDemandReal GDPIn the Aggregate Demand and Supply model (shown), a leftwardshift of the aggregate demandcurve would result in a decrease inthe unemployment rate and deflation.*Please tell me the correct answers, thank you!!***

QUESTION 4 Exhibit 5-2: The Aggregate Demand and Supply Diagram Long-Run Aggregate Supply Short-Run Aggregate Supply Aggregate Demand Real GDP In the Aggregate Demand and Supply model ishown, a rightward • shift of the short-run aggregate supply curve would resuk in an increase in the unemployment rate and deflation. QUESTION S Exhib 5-2: The Aggregate Demand and Supply Diagram Long-Run Aggregate Supply Short-Run Aggregate Supply Aggregate Demand Real GDP shit of the egne dermand Jaurve would result in a decrese in In the Aggregate Demand and Supply model (shown, a wtward the unemployment rate and deflacion. *Please tell me the correct answers, thank you!!***

QUESTION 4 Exhibit 5-2: The Aggregate Demand and Supply Diagram Long-Run Aggregate Supply Short-Run Aggregate Supply Aggregate Demand Real GDP In the Aggregate Demand and Supply model ishown, a rightward • shift of the short-run aggregate supply curve would resuk in an increase in the unemployment rate and deflation. QUESTION S Exhib 5-2: The Aggregate Demand and Supply Diagram Long-Run Aggregate Supply Short-Run Aggregate Supply Aggregate Demand Real GDP shit of the egne dermand Jaurve would result in a decrese in In the Aggregate Demand and Supply model (shown, a wtward the unemployment rate and deflacion. *Please tell me the correct answers, thank you!!***

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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GNen the following aggregate demand (aD) and aggregatesupply šchedult.() Price level Real Gpp Deman ded Real GDP Supplied Short-RuN 70 80 90 00 450 400 350 300 కం 40 450 500 250 550 4 the potential RGDP is 45o unets of us¢. Draw and Show the short-run economiC equilibrium and evaluate the situation comparing with the long run aggeegate suppy by ygregate (Lias) explain tHhiis sifuation. explaintis sifutión. 6)if aggregate demand increases by us$ 100. Araw and show the aew equilibrium vacues on tthe Same graph and find the Rew equilibrium po'ssible es lucrease In e bemand. GrRre te One suplancution for thus Aggregat
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Given the following aggregate aggragate supply šchedule.() Price level Real GDp Deman ded Real GDP Supplied Short-RuN 70 80 90 100 110 450 400 350 300 350 400 450 500 250 350 4 the potential RGDP iŷ 450 units of us¢o 4) Draw and Show the short-run economic equilibrium and evaluate the situation by comparing with the long (hAs)explain this sifuation. geyate suppy (LAS) run aggregeafe plain ttis situation
8. Draw the macroeconomy in equilibrium (snowflake). What happens when aggregate demand increases? Show on graph. Label new short run equilibrium E2. What state is this economy in? a) Give an example of something that could have caused this. b) What happens to GDP and price level? c) In this scenario, what do we call the difference between actual GDP and potential GDP? d) What is the unemployment rate relative to the natural rate? e) How would the economy fix itself? This means market adjustments, not government intervention. Show on graph. Label new equilibrium E3. Briefly explain. US 1 1:3
ans ences rations If in Year 1 the price level was 100 and real GDP was $20 trillion and in Year 2 the price level was 105 and real GDP was $21 billion, then the predominant change that occured in Year 2 was OA a decrease in aggregate demand. B. an increase (shift to the right) in short-run aggregate supply. OC. a decrease (shift to the left) in short-run aggregate supply OD. an increase in aggregate demand.
Suppose now the government passes a law that significantly increases the minimum wage. This change in policy will cause the natural rate of unemployment to which will: • Shift the long-run aggregate supply curve to the right O Not impact the long-run aggregate supply curve O Shift the long-run aggregate supply curve to the left Complete the following table by determining how each event impacts the position of the long-run aggregate supply (LAS) curve. Direction of LRAS Curve Shift A government-sponsored training program increases the skill level of the workforce. Many workers leave to pursue more lucrative careers in foreign economies. A scientific breakthrough significantly increases food production per acre of farmland.
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170 Price 140 level 120 100 D AD5 AD4 AD 3 AD, AD2 3.0 4.0 5.0 6.0 7.0 8.0 Real GDP In Exhibit 20-8, if aggregate demand shifts from AD₁ to AD3, O a. real GDP will increase from $3.0 to $4.0, and the price level will increase from 100 to 140. Ob. real GDP will increase from $3.0 to $7.0, and the price level will increase from 100 to 120. Oc. real GDP will increase from $3.0 to $7.0, and the price level will increase from 100 to 140. Od. real GDP will increase from $3.0 to $4.0, and the price level does not change.
3. In Keynesian short run aggregate supply curve segment what happens to the price and income (GDP) if the aggregate demand curve shifts outward or inward and why