Using the graph, shift the short-run aggregate supply (AS) curve or the aggregate demand (AD) curve to show the short-run impact of the increase in government spending. PRICE LEVEL 240 200 160 120 + 80 40 0 0 200 400 600 800 OUTPUT (Billions of dollars) AS AD 1000 1200 AD 0 AS In the short run, the increase in government spending on infrastructure causes the price level to he quantity of output to the price level people expected and the natural level of output. The increase in government spending will cause the unemployment rate to the natural rate of unemployment in the short run. gain, the following graph shows a hypothetical economy experiencing long-run equilibrium at the expected price level of 120 and natural output level f $600 billion, prior to the increase in government spending on infrastructure. long the transition from the short run to the long run, price-level expectations will THE TO and the

Using the graph, shift the short-run aggregate supply (AS) curve or the aggregate demand (AD) curve to show the short-run impact of the increase in government spending. PRICE LEVEL 240 200 160 120 + 80 40 0 0 200 400 600 800 OUTPUT (Billions of dollars) AS AD 1000 1200 AD 0 AS In the short run, the increase in government spending on infrastructure causes the price level to he quantity of output to the price level people expected and the natural level of output. The increase in government spending will cause the unemployment rate to the natural rate of unemployment in the short run. gain, the following graph shows a hypothetical economy experiencing long-run equilibrium at the expected price level of 120 and natural output level f $600 billion, prior to the increase in government spending on infrastructure. long the transition from the short run to the long run, price-level expectations will THE TO and the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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