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Question 48
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- In 2000, the economy of Singsville had an aggregate demand and aggregate supply according to the following schedule: Price level Aggregate Demand Short-Run Aggregate Supply Long-Run Aggregate Supply 100 $1135.00 $1270.00 110 $1190.00 $1270.00 120 $1245.00 $1270.00 130 $1300.00 $1270.00 140 $1355.00 $1270.00 150 $1410.00 $1270.00 160 $1465.00 $1270.00 $1525.00 $1450.00 $1375.00 $1300.00 $1225.00 $1150.00 $1075.00 What was Singsville's short-run equilibrium output in 2000? $ Was Singsville in long-run equilibrium in 2000? OYesLast week, Jerome Powell, the chair of the Federal Reserve, commented that the economy will face a slow recovery since the recession started in February, 2020. Pessimistic projections about the future health of our economy may lead to Question 39 options: a) an increase in aggregate demand b) a decrease in aggregate demand c) an increase in short-run aggregate supply d) a decrease in short-run aggregate supplyEvaluate the following statements using relevant diagrams and provide detailed explanations. The statements describe events that might shift aggregate demand (AD), aggregate supply (AS), both or neither. Clearly label your diagrams. A recent economic report suggests that consumer confidence has increased Apple Inc. has announced a 50% discount on its new generation iPad devices for university students After a prolonged acceleration in economic activity, the government raises the rate of personal income tax. A continuing economic expansion has drawn in many working age people (and their families)from neighbouring countries in search of jobs and better lives
- In 2010, the economy of Quarterville had an aggregate demand and aggregate supply according to the following schedule: Price level Aggregate Demand Short-Run Aggregate Supply Long-Run Aggregate Supply 90 $1505.00 $1205.00 $1465.00 100 $1470.00 $1270.00 $1465.00 110 $1435.00 $1335.00 1 $1465.00 120 $1400.00 $1400.00 $1465.00 130 $1365.00 $1465.00 $1465.00 140 $1330.00 $1530.00 $1465.00 150 $1595.00 $1465.00 $1295.00 What was Quarterville's long-run equilibrium output in 2010? $|In 1998, the economy of Aptonville had an aggregate demand and aggregate supply according to the following schedule: Price level Aggregate Demand Short-Run Aggregate Supply 70 $1415.00 $1115.00 80 $1360.00 $1160.00 90 $1305.00 $1205.00 100 $1250.00 $1250.00 110 $1250.00 $1295.00 120 $1140.00 $1340.00 130 $1085.00 $1385.00 What was the equilibrium price level in Aptonville in 1998?For each of the following events, draw an aggregate-demand/aggregate supply diagram and explain the short-run effects on output and the price level in the U.S., assuming policymakers take no action. (d) The Coronavirus outbreak causes disruption in supply chain and manufacturing operations around the world.(e) A ten-year-old investment tax credit expires.
- In 2004, the economy of Minitown had an aggregate demand and aggregate supply according to the following schedule: PRice level Aggregate Demand Short-run Aggregate supply Long run aggregate supply 100 $1625 $1205 $1370 110 $1550 $1270 $1370 120 $1475 $1335 $1370 130 $1400 $1400 $1370 140 $1325 $1465 $1370 150 $1250 $1530 $1370 160 $1175 $1595 $1370 What was Minitown’s short-run equilibrium output in 2004?In 2006, the economy of Singsville had an aggregate demand and aggregate supply according to the following schedule:Price level Aggregate Demand Short-Run Aggregate Supply100 $1445 $1085110 $1380 $1140120 $1315 $1195130 $1250 $1250140 $1185 $1305150 $1120 $1360160 $1055 $1415 What was the equilibrium price level in Singsville in 2006?Given the following circumstances, indicate whether or not the aggregate supply curve would shift and, if so, which way would it shift: The price of a barrel of oil doubles An advance in alternative energy technology significantly reduces its cost In order to maintain a relatively clean air quality, a carbon emissions tax is levied against firms with a carbon footprint As a result of fracking, the price of natural gas is significantly reduced Advances in technology increase the productivity of the American worker, on average, by 30%
- Evaluate the following statements using relevant diagrams and provide detailedexplanations. The statements describe events that might shift aggregate demand (AD),aggregate supply (AS), both or neither. Clearly label your diagrams. A) A recent economic report suggests that consumer confidence has increased.B) Apple Inc. has announced a 50% discount on its new generation iPad devices foruniversity students.C) After a prolonged acceleration in economic activity, the government raises the rateof personal income tax.D) A continuing economic expansion has drawn in many working age people (andtheir families) from neighbouring countries in search of jobs and better lives.In 1999, the economy of Mistania had an aggregate demand and aggregate supply according to the following schedule: Price Level Aggregate Demand Shortrun aggregate supply longrun aggregate supply 30 $1395 $1125 $1200 40 $1330 $1150 $1200 50 $1265 $1175 $1200 60 $1200 $1200 $1200 70 $1135 $1225 $1200 80 $1070 $1250 $1200 90 $1005 $1275 $1200 If Mistania decreases spending, would this more likely result in cyclical unemployment or inflationary pressures in the following year - i.e, in 2000? Cyclical unemployment/Inflationary pressuresIn 2003, the economy of Microtania had an aggregate demand and aggregate supply according to the following schedule: Price level Aggregate Demand Short-Run Aggregate Supply Long-Run Aggregate Supply 90 $1125.00 $1320.00 100 $1200.00 $1320.00 110 $1275.00 $1320.00 120 $1350.00 $1320.00 130 $1425.00 $1320.00 140 $1500.00 $1320.00 150 $1575.00 $1320.00 $1575.00 $1500.00 $1425.00 $1350.00 $1275.00 $1200.00 $1125.00 What was Microtania's short-run equilibrium output 2003? $| Calculate Microtania's output gap: $
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