Suppose that over a 30-year period Buskerville's price level increased from 72 to 142, while its real GDP rose from $1.2 trillion to $2.2 trillion. Instructions: Round your answers to 1 decimal place. Use simple (not compounded) growth calculations for the percentage change. a. Did economic growth occur in Buskerville? (Click to select) V If so, by what average yearly rate in percentage terms? percent b. Did Buskerville experience inflation? (Click to select) V If so, by what average yearly rate in percentage terms? percent c. Which shifted rightward faster in Buskerville: its long-run aggregate supply curve (ASLR) or its aggregate demand curve (AD)? (Click to select)
Suppose that over a 30-year period Buskerville's price level increased from 72 to 142, while its real GDP rose from $1.2 trillion to $2.2 trillion. Instructions: Round your answers to 1 decimal place. Use simple (not compounded) growth calculations for the percentage change. a. Did economic growth occur in Buskerville? (Click to select) V If so, by what average yearly rate in percentage terms? percent b. Did Buskerville experience inflation? (Click to select) V If so, by what average yearly rate in percentage terms? percent c. Which shifted rightward faster in Buskerville: its long-run aggregate supply curve (ASLR) or its aggregate demand curve (AD)? (Click to select)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Suppose that over a 30-year period Buskerville's price level increased from 72 to 142, while its real GDP rose from $1.2 trillion to $2.2
trillion.
Instructions: Round your answers to 1 decimal place. Use simple (not compounded) growth calculations for the percentage change.
a. Did economic growth occur in Buskerville?
(Click to select) V
If so, by what average yearly rate in percentage terms?
percent
b. Did Buskerville experience inflation?
(Click to select) V
If so, by what average yearly rate in percentage terms?
percent
c. Which shifted rightward faster in Buskerville: its long-run aggregate supply curve (ASLR) or its aggregate demand curve (AD)?
|(Click to select) V
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