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- QUESTION 16 The production and prices in a country in two subsequent years are described by the following table Year 1 Оuantity Year 2 Good Price Оиantity Price Apples Oranges $1.00 $1.00 60 55 40 45 y Where x is $1.91 and y is $1.28. What is the Real GDP growth rate (using year 2 as the base year) in percent terms? (Submit your answer with up to two decimals, i.e., -10.22 for -10.22% and 11.44 for 11.442%.)/118790/quizzes/952344/take ASU My ASU Р P1 PO P PO P1 OB ASU CANVAS O C A LRAS YO Y1 B LRAS YO Y1 SAS AD Real GDP SAS AD' SAS AD Real GDP P PO P1 P P1 PO C LRAS Y1 YO D AD' LRAS SAS Y1 YO SAS AD Real GDP SAS AD Suppose the economy begins in long-run equilibrium. Which of the graphs best describes the long-run result of a decrease in the money supply? Real GDP P P1 PO PO P1 E ……….. LRAS www. F YO YO LRAS SAS' AD' SAS AD SAS AD Real GDP AD' SAS' Real GDPAccording to Real Business Cycle Theory, which of the following events could lead to a downturn in GDP? OA sudden decrease in the money supply. O A negative technological shock. O The collapse of a market bubble. O Uncertainty about business investment.
- QUESTION 21 A E В Time In the accompanying diagram, which phase of the business cycle would be most closely associated with an economic contraction? O a.B Ob.A O.D Od.C Level of Business ActivityChanges in gross domestic product result in: deflation. an increase in frictional unemployment. O business cycle fluctuations. O a drop in the consumer price index.Suppose a market basket of goods and services costs $400 in the base 'year and the consumer price index (CPI) is currently 125. This indicates the price of the market basket of goods is now: $275. $425. $500. $525. Which of the following will most likely occur during the recessionary phase of a business cycle? O Real GDP nises, and the unemployment rate falls O Real GDP declines, and the rate of inflation nises O The sales of most businesses decline, and the unemployment rate nses Inflation rises, and employment population ratio falls
- The table lists real GDP and the population in the United States. In which year did the standard of living increase and in which year did the standard of living decrease? Explain The standard of living increased in The standard of living decreased in OA. none of the years given in the table; every year given in the table because the United States experienced a recession between 2006 and 2009 OB. 2007 because real GDP per person increased; 2008 and 2009 because real GDP per person decreased OC. 2008 and 2009 because real GDP per person increased; 2007 because real GDP per person decreased OD. every year given in the table because the standard of living is constantly increasing: none of the years given in the table Show Transcribed Text Year 2006 2007 2008 2009 Real GDP (trillions) $13.0 $13.2 $13.2 $12.8 Ć Population (millions) 300 302 304 307Which event does not affect the long-run level of real GDP ? O The available knowledge and skills in the economy increases. O A severe hurricane destroyed factories. O The country experiences widesprcad technological advancements. O Firms and workers expect the price level to rise.Economics How are aggregate output and the real interest rate determined in compettive egulbum? OA The aggregate oulput can be found by multiplying current employment by current real wage at the intesection of the current labour supply and demand curves, given the raal inderest rate. and ssubtracting the level of investment in the economy OB. Cument aggregata output and the real interest rate are determined by the intersection of the output supoly and demand ouves OC. Cunent aggregate output can be found by finding current employment from the intersection of the current labour supply and domand ourves given the real interest rate and aocounting tor total tactor productivity OD. The real interest rate is determined by the slope of the output supply curve at a given level of aggregate output
- 2) The below five graphs show the development of key macroeconomic variables over the scope of three years in a certain country. Use them to draw an IS-LM-PC graph that captures the development in this country. Explain carefully what has happened. G Y t 3) China currently (2016) has a household saving rate of about 36 %. It has never been below 27 % in the last 30 years. What role do you think this high saving rate has for China's economic success? It has been argued that the low standard of living in many less developed countries depend on their poor institutions. Explain carefully what kind of "institutions" this argument refers to. 4) 5) The Swedish Fiscal Policy Council discusses public debt policy in a low interest environment in their latest report. The argue that "there are strong arguments in favour of low public debt despite low interest rates. For private operators, it may be rational to increase debt in a low interest rate climate, but this is not necessarily the case for…Variations of actual real GDP around potential real GDP are called economic fluctuations. What is another name for these fluctuations? Select one: O a. Economic growth O b. Trade surpluses O c. Income variations O d. Business cycles CheckWhich of the following is not a phase or turning point of the business cycle? O A. recession B. shutdown OC. trough OD. expansion
