The following graph shows the short-run aggregate supply (SRAS) curve and the long-run aggregate supply (LRAS) curve for an economy. Suppose the government passes a temporary "gas tax holiday," removing the federal tax on gasoline between May and September. Illustrate the short-run effect of this change, before any long-run adjustments have taken place, by shifting one or both of the supply curves ( SRAS and LRAS) on the following graph. If you do not believe there will be any long-term effects, leave the LRAS in its current position. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move curve and it snaps back to its original position, just drag it a little farther. PRICE LEVEL 240 LRAS SRAS X 6 12 18 REAL GDP (Trillions of dollars) 200 160 20 80 40 0 24 AD SRAS LRAS (?) Assume that aggregate demand is unaffected by the gas tax holiday. After the economy has fully adjusted to the gas tax holiday, the long-run effect is in aggregate output and in the price level.

The following graph shows the short-run aggregate supply (SRAS) curve and the long-run aggregate supply (LRAS) curve for an economy. Suppose the government passes a temporary "gas tax holiday," removing the federal tax on gasoline between May and September. Illustrate the short-run effect of this change, before any long-run adjustments have taken place, by shifting one or both of the supply curves ( SRAS and LRAS) on the following graph. If you do not believe there will be any long-term effects, leave the LRAS in its current position. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move curve and it snaps back to its original position, just drag it a little farther. PRICE LEVEL 240 LRAS SRAS X 6 12 18 REAL GDP (Trillions of dollars) 200 160 20 80 40 0 24 AD SRAS LRAS (?) Assume that aggregate demand is unaffected by the gas tax holiday. After the economy has fully adjusted to the gas tax holiday, the long-run effect is in aggregate output and in the price level.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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