The change in potential GDP and aggregate supply in the long run if more people in India have access to high education.

Question

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Answer 1

Question

Chapter 29, Problem 1SPPA

To determine

To explain:

The change in potential GDP and aggregate supply in the long run if more people in India have access to high education.

Expert Solution & Answer

Explanation of Solution

Since the accessibility for education in India is wider, more people will have access to education.This will assist them to increase their knowledge and intellect, meaning there will be more knowledgeable labor force in the country. This will increase the country's human capital and having more educated people in the country will be an advantage for the country. This will gradually increase the potential GDP and the aggregate supply of India, especially in the long-term.

Economics Concept Introduction

Aggregate supply:

Aggregate supply is the total supply of the commodities and services which companies in the economy decide to sell at a specific period of time.

Business cycle:

A business cycle is also known as the trade cycle. It shows the upward or downward movement of the GDP around the long-run growth trend.

Aggregate demand:

Aggregate demand is simply the final demand for the final commodities and services produced in the economy within a period of time.

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Demand and supply function

Answer 2

Question

Chapter 29, Problem 1SPPA

To determine

To explain:

The change in potential GDP and aggregate supply in the long run if more people in India have access to high education.

Expert Solution & Answer

Explanation of Solution

Since the accessibility for education in India is wider, more people will have access to education.This will assist them to increase their knowledge and intellect, meaning there will be more knowledgeable labor force in the country. This will increase the country's human capital and having more educated people in the country will be an advantage for the country. This will gradually increase the potential GDP and the aggregate supply of India, especially in the long-term.

Economics Concept Introduction

Aggregate supply:

Aggregate supply is the total supply of the commodities and services which companies in the economy decide to sell at a specific period of time.

Business cycle:

A business cycle is also known as the trade cycle. It shows the upward or downward movement of the GDP around the long-run growth trend.

Aggregate demand:

Aggregate demand is simply the final demand for the final commodities and services produced in the economy within a period of time.

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Answer 3

Question

Chapter 29, Problem 1SPPA

To determine

To explain:

The change in potential GDP and aggregate supply in the long run if more people in India have access to high education.

Expert Solution & Answer

Explanation of Solution

Since the accessibility for education in India is wider, more people will have access to education.This will assist them to increase their knowledge and intellect, meaning there will be more knowledgeable labor force in the country. This will increase the country's human capital and having more educated people in the country will be an advantage for the country. This will gradually increase the potential GDP and the aggregate supply of India, especially in the long-term.

Economics Concept Introduction

Aggregate supply:

Aggregate supply is the total supply of the commodities and services which companies in the economy decide to sell at a specific period of time.

Business cycle:

A business cycle is also known as the trade cycle. It shows the upward or downward movement of the GDP around the long-run growth trend.

Aggregate demand:

Aggregate demand is simply the final demand for the final commodities and services produced in the economy within a period of time.

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Answer 4

Question

Chapter 29, Problem 1SPPA

To determine

To explain:

The change in potential GDP and aggregate supply in the long run if more people in India have access to high education.

Expert Solution & Answer

Explanation of Solution

Since the accessibility for education in India is wider, more people will have access to education.This will assist them to increase their knowledge and intellect, meaning there will be more knowledgeable labor force in the country. This will increase the country's human capital and having more educated people in the country will be an advantage for the country. This will gradually increase the potential GDP and the aggregate supply of India, especially in the long-term.

Economics Concept Introduction

Aggregate supply:

Aggregate supply is the total supply of the commodities and services which companies in the economy decide to sell at a specific period of time.

Business cycle:

A business cycle is also known as the trade cycle. It shows the upward or downward movement of the GDP around the long-run growth trend.

Aggregate demand:

Aggregate demand is simply the final demand for the final commodities and services produced in the economy within a period of time.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 29, Problem 1SPPA

To determine

To explain:

The change in potential GDP and aggregate supply in the long run if more people in India have access to high education.

Expert Solution & Answer

Explanation of Solution

Since the accessibility for education in India is wider, more people will have access to education.This will assist them to increase their knowledge and intellect, meaning there will be more knowledgeable labor force in the country. This will increase the country's human capital and having more educated people in the country will be an advantage for the country. This will gradually increase the potential GDP and the aggregate supply of India, especially in the long-term.

Economics Concept Introduction

Aggregate supply:

Aggregate supply is the total supply of the commodities and services which companies in the economy decide to sell at a specific period of time.

Business cycle:

A business cycle is also known as the trade cycle. It shows the upward or downward movement of the GDP around the long-run growth trend.

Aggregate demand:

Aggregate demand is simply the final demand for the final commodities and services produced in the economy within a period of time.

Answer 6

Chapter 29, Problem 1SPPA

To determine

To explain:

The change in potential GDP and aggregate supply in the long run if more people in India have access to high education.

Expert Solution & Answer

Explanation of Solution

Since the accessibility for education in India is wider, more people will have access to education.This will assist them to increase their knowledge and intellect, meaning there will be more knowledgeable labor force in the country. This will increase the country's human capital and having more educated people in the country will be an advantage for the country. This will gradually increase the potential GDP and the aggregate supply of India, especially in the long-term.

Economics Concept Introduction

Aggregate supply:

Aggregate supply is the total supply of the commodities and services which companies in the economy decide to sell at a specific period of time.

Business cycle:

A business cycle is also known as the trade cycle. It shows the upward or downward movement of the GDP around the long-run growth trend.

Aggregate demand:

Aggregate demand is simply the final demand for the final commodities and services produced in the economy within a period of time.

Answer 7

Chapter 29, Problem 1SPPA

To determine

To explain:

The change in potential GDP and aggregate supply in the long run if more people in India have access to high education.

Answer 8

Expert Solution & Answer

Explanation of Solution

Since the accessibility for education in India is wider, more people will have access to education.This will assist them to increase their knowledge and intellect, meaning there will be more knowledgeable labor force in the country. This will increase the country's human capital and having more educated people in the country will be an advantage for the country. This will gradually increase the potential GDP and the aggregate supply of India, especially in the long-term.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Aggregate supply:

Aggregate supply is the total supply of the commodities and services which companies in the economy decide to sell at a specific period of time.

Business cycle:

A business cycle is also known as the trade cycle. It shows the upward or downward movement of the GDP around the long-run growth trend.

Aggregate demand:

Aggregate demand is simply the final demand for the final commodities and services produced in the economy within a period of time.

Answer 12

Ch. 29 - Prob. 1SPPA Ch. 29 - Prob. 2SPPA Ch. 29 - Prob. 3SPPA Ch. 29 - Prob. 4SPPA Ch. 29 - Prob. 5SPPA Ch. 29 - Prob. 6SPPA Ch. 29 - Prob. 7SPPA Ch. 29 - Prob. 8SPPA Ch. 29 - Prob. 9SPPA Ch. 29 - Prob. 10SPPA

The change in potential GDP and aggregate supply in the long run if more people in India have access to high education.

To explain: The change in potential GDP and aggregate supply in the long run if more people in India have access to high education.

Explanation of Solution

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Chapter 29 Solutions

To explain:

The change in potential GDP and aggregate supply in the long run if more people in India have access to high education.