The macroeconomy is depicted by the graph to the right160-a. The current equilibrium price level and output level respectively are:and$ trillion.LRAS(Enter your responses as a whole numbers.)140-SRAS120-100-80-60-AD40-I 10' 12141618 20Real GDP ($ trillions)Price level

The macroeconomy is depicted by the graph to the right 160- a. The current equilibrium price level and output level respectively are:O and s trillion. LRAS (Enter your responses as a whole numbers 140- SRAS 120- 100 80- 60 NAD Real GDP ($ trillions)

The macroeconomy is depicted by the graph to the right 160- a. The current equilibrium price level and output level respectively are:O and s trillion. LRAS (Enter your responses as a whole numbers 140- SRAS 120- 100 80- 60 NAD Real GDP ($ trillions)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that the policy-makers of a foreign country decide to enact policy that reduces unemployment (at the expense of higher prices) just before an election. At the time of the election, however, the reduction in unemployment is much greater than expected, and the pesky inflation increase never occurs. The graph illustrates the economy before the government attempts to reduce unemployment. Change the graph to illustrate changes in the economy that could result in lower unemployment without an increase in prices. Note that LRAS represents long-run aggregate supply, SRAS represents short-run aggregate supply, and AD represents aggregate demand. evel LRAS SRAS
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The following graph approximates business cycles in the United States from the first quarter of 1955 to the third quarter of 1959. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). 2800 REAL GOP (Billions of dollars) N 2700 2000 2500 2400 1055 1906 1967 True YEAR False Source: "Current-dollar and Real GDP Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xl/gdple.al 1958 Notice that real GDP trends upward over time but experiences ups and downs in the short run. These short-run fluctuations in real GDP are often referred to as 1959 True or False: Short-term fluctuations in real GDP are irregular and unpredictable. Car sales increased. Consumer spending increased. Total real income declined. The unemployment rate increased. Which of the following probably occurred as the U.S. economy experienced declining real GDP in 19577 Check all that apply.
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In the GDP equation, business spending is referred to as: O Consumption Investment O Government O Net Exports
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Answer questions 12-13 based on the following data for a hypothetical economy. The base year for the GDP deflator is 1992 and it equaled 100 that year. Year Nom. GDP (billion) Price Index 1993 $4,200 120 1994 $4,300 125 1995 $4,680 130 1996 $4,958 134 1) Refer to the data above. Real GDP increased from 1995 to 1996 by approximately a. $40 billion. b. $100 billion. c. $278 billion. d. $380 billion. e. $559 billion. 2) From 1992 to 1996, price rose by approximately a. 5 percent. b. 9 percent. c. 14 percent. d. 24 percent. e. 34 percent.