The table describes four possible outcomes for 2017, depending on the level of aggregate demand in that year. Potential GDP is $9 trillion and the natural unemployment rate is 5 percent. Price level (2016 = 100) Unemployment rate (percent of labor force) %3D A 102.5 B 105.0 107.5 4 D 110.0 3 Draw the four points A,B,C, and D on the aggregate supply curve using the data in the table. Label the points. Draw the short-run aggregate supply curve. Label it AS. >>> Calculate values of real GDP to 1 decimal place.
The table describes four possible outcomes for 2017, depending on the level of aggregate demand in that year. Potential GDP is $9 trillion and the natural unemployment rate is 5 percent. Price level (2016 = 100) Unemployment rate (percent of labor force) %3D A 102.5 B 105.0 107.5 4 D 110.0 3 Draw the four points A,B,C, and D on the aggregate supply curve using the data in the table. Label the points. Draw the short-run aggregate supply curve. Label it AS. >>> Calculate values of real GDP to 1 decimal place.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![The table describes four possible outcomes for 2017, depending on the level of
aggregate demand in that year.
Price level (GDP price index 2016 = 100)
112-
Potential GDP is $9 trillion and the natural unemployment rate is 5 percent.
111-
110-
Price level
Unemployment rate
(percent of labor force)
(2016 = 100)
109-
A
102.5
9
108-
B
105.0
6.
107-
107.5
4.
106
D
110.0
3
105-
Draw the four points A,B,C, and D on the aggregate supply curve using the data in
the table. Label the points.
104-
103-
Draw the short-run aggregate supply curve. Label it AS.
>>> Calculate values of real GDP to 1 decimal place.
102-
101-
100-
8.1
8.3
9.1
8.5
Real GDP (trillions of 2016 dollars)
8.7
8.9
9.3
9.5
>>> Draw only the objects specified in the question.
Next](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8e0b41ab-a046-46c8-b177-ed0b5418dcc5%2F3d63f392-98a7-4fec-a302-6b9f35d12560%2F7p8oyu7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The table describes four possible outcomes for 2017, depending on the level of
aggregate demand in that year.
Price level (GDP price index 2016 = 100)
112-
Potential GDP is $9 trillion and the natural unemployment rate is 5 percent.
111-
110-
Price level
Unemployment rate
(percent of labor force)
(2016 = 100)
109-
A
102.5
9
108-
B
105.0
6.
107-
107.5
4.
106
D
110.0
3
105-
Draw the four points A,B,C, and D on the aggregate supply curve using the data in
the table. Label the points.
104-
103-
Draw the short-run aggregate supply curve. Label it AS.
>>> Calculate values of real GDP to 1 decimal place.
102-
101-
100-
8.1
8.3
9.1
8.5
Real GDP (trillions of 2016 dollars)
8.7
8.9
9.3
9.5
>>> Draw only the objects specified in the question.
Next
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