Use the following graph to answer the next question. In the figure, AD1 and AS1 represent the original aggregate supply...
Use the following graph to answer the next question.
In the figure, AD1 and AS1 represent the original aggregate supply and demand curves. If Q1 is full-employment output, then the long-run aggregate supply curve is located at output level _____.
Multiple Choice
Q3
Q2
Q1
None of these choices are correct.
Homework Answers
Answer
Option 3
Q1
the long-run employment output level is represented by the long-run aggregate supply curve and it is vertical at the output level Q1
Add Answer to:
Use the following graph to answer the next question. In the figure, AD1 and AS1 represent the original aggregate supply...
Question 21 1 pts Use the following table which shows the aggregate demand and aggregate supply...
Question 21 1 pts Use the following table which shows the aggregate demand and aggregate supply schedule for a hypothetical economy to answer the next question. Real Domestic Output Demanded Price Level Real Domestic Output Supplied (in billions) (index value) (in billions) $3,000 350 $9,000 4,000 300 8,000 5,000 250 7,000 6,000 200 6,000 7,000 150 5,000 8,000 100 4,000 At the price level of 150, there will be a general surplus in the economy, and output supplied will decrease...
On the following graph, draw the aggregate demand (AD) and aggregate supply (AS) curves using the...
On the following graph, draw the aggregate demand (AD) and aggregate supply (AS) curves using the data in the table that lead to a full-employment equilibrium and then answer additional questions: Instructions: Use the tools provided 'AD,' and 'AS' to draw the demand curve (AD1) and the supply curve (AS). Each curve should contain 10 reference points. Price Level Real Output Real Output Demanded Supplied (5) 140 600 700 1,200 1,150 1,100 1,050 (1250, 105) Price Level (Prey 1 of...
If the intersection of the short-run aggregate supply and aggregate demand curves is to the right...
If the intersection of the short-run aggregate supply and aggregate demand curves is to the right of the long-run aggregate supply curve, then the economy is Group of answer choices in a recession operating at more than full employment at full employment operating at less than full employment
Please Answer the 3 questions. Thanks a ton. Answer the next three questions based on the...
Please Answer the 3 questions. Thanks a ton.
Answer the next three questions based on the information in the graph below. If aggregate supply shifts from AS1 to AS2, then the price level will: Increase and real domestic output will increase Decrease and real domestic output will increase Increase and real domestic output will decrease Decrease and real domestic output will decrease When output increases from Q1 and the price level decreases from PI. this change will: Be caused by...
Suppose that the aggregate demand and supply schedules for a hypothetical economy are as shown below:
1. Suppose that the aggregate demand and supply schedules for a hypothetical economy are as shown below: a. Use these sets of data to graph the aggregate demand and aggregate supply curves. What is the equilibrium price level and the equilibrium level of real output in this hypothetical economy? Is the equilibrium real output also necessarily the full-employment real output? Explain. b. Why will a price level of 150 not be an equilibrium price level in this economy? Why not 250? c. Suppose...
Assume that the following graph depicts aggregate supply and demand conditions in an economy. Full employment...
Assume that the following graph depicts aggregate supply and demand conditions in an economy. Full employment occurs when $5 trillion of real output is produced. The economy is currently in equilibrium at point A. 260 AS, 240 AS2 220 200 Price Level (average price) 180 160 AD2 140 120 ADA 100 0 2 3 7 8 Real Output (in trillions per year) Instructions: For parts (a) and (b) enter your answer rounded to the nearest whole number (a) What is...
Question 48 (1 point) Use the following graph to answer the next question. AS, AS. (H...
Question 48 (1 point) Use the following graph to answer the next question. AS, AS. (H Price Level E AD. 0 AD A B C Real Domestic Output Other things equal, a shift of the aggregate supply curve from ASo to AS1 might be caused by a(n) Other things equal, a shift of the aggregate supply curve from ASo to AS1 might be caused by an) OA) decrease in nominal wages B) increase in productivity C) decrease in aggregate demand...
AS2 AS1 ASo Aggregate output Figure 8: 41. Refer to Figure: 8. The aggregate supply curve...
AS2 AS1 ASo Aggregate output Figure 8: 41. Refer to Figure: 8. The aggregate supply curve shifting from AS1 to AS2 will cause 41.- A. hyperinflation. B. cost-push inflation. C. demand-pull inflation. D. deflation. 42. If a country has a trade deficit of $50 billion, which of the following can be true? A. The country's exports are $110 billion, and its imports are S160 billion. B. The country's exports are $150 billion, and its imports are $60 billion. C. The...
14. Consider starting from full-employment equilibrium in our Aggregate Demand and Supply model (with flexible wages...
14. Consider starting from full-employment equilibrium in our Aggregate Demand and Supply model (with flexible wages and worker misperception of price level changes in the short run), at Po, Qn on the output market graph below. Then we get a decrease in Aggregate Demand from Agg D, to Agg D1. P LR Agg S SR Agg S. Agg D 0 Agg D1 Q Q1 N We can say that O In the long run, P and Q will return to...
The following table shows the initial level of aggregate demand (AD) and te supply (AS) for the economy of Adanac.
The following table shows the initial level of aggregate demand (AD) and te supply (AS) for the economy of Adanac. The full-employment level of output is $500 billion. a. Draw the corresponding initial aggregate demand and aggregate supply curve (AD0 and AS0). b. What is the initial equilibrium price level and level of real GDP? c. At this initial equilibrium (AD0 and AS0), is Adanac experiencing either a recessionary or inflationary gap? If so, how large a gap exists? d. Suppose the aggregate demand in...
Question 21 1 pts Use the following table which shows the aggregate demand and aggregate supply schedule for a hypothetical economy to answer the next question. Real Domestic Output Demanded Price Level Real Domestic Output Supplied (in billions) (index value) (in billions) $3,000 350 $9,000 4,000 300 8,000 5,000 250 7,000 6,000 200 6,000 7,000 150 5,000 8,000 100 4,000 At the price level of 150, there will be a general surplus in the economy, and output supplied will decrease...
On the following graph, draw the aggregate demand (AD) and aggregate supply (AS) curves using the data in the table that lead to a full-employment equilibrium and then answer additional questions: Instructions: Use the tools provided 'AD,' and 'AS' to draw the demand curve (AD1) and the supply curve (AS). Each curve should contain 10 reference points. Price Level Real Output Real Output Demanded Supplied (5) 140 600 700 1,200 1,150 1,100 1,050 (1250, 105) Price Level (Prey 1 of...
Please Answer the 3 questions. Thanks a ton.
Answer the next three questions based on the information in the graph below. If aggregate supply shifts from AS1 to AS2, then the price level will: Increase and real domestic output will increase Decrease and real domestic output will increase Increase and real domestic output will decrease Decrease and real domestic output will decrease When output increases from Q1 and the price level decreases from PI. this change will: Be caused by...
Assume that the following graph depicts aggregate supply and demand conditions in an economy. Full employment occurs when $5 trillion of real output is produced. The economy is currently in equilibrium at point A. 260 AS, 240 AS2 220 200 Price Level (average price) 180 160 AD2 140 120 ADA 100 0 2 3 7 8 Real Output (in trillions per year) Instructions: For parts (a) and (b) enter your answer rounded to the nearest whole number (a) What is...
Question 48 (1 point) Use the following graph to answer the next question. AS, AS. (H Price Level E AD. 0 AD A B C Real Domestic Output Other things equal, a shift of the aggregate supply curve from ASo to AS1 might be caused by a(n) Other things equal, a shift of the aggregate supply curve from ASo to AS1 might be caused by an) OA) decrease in nominal wages B) increase in productivity C) decrease in aggregate demand...
AS2 AS1 ASo Aggregate output Figure 8: 41. Refer to Figure: 8. The aggregate supply curve shifting from AS1 to AS2 will cause 41.- A. hyperinflation. B. cost-push inflation. C. demand-pull inflation. D. deflation. 42. If a country has a trade deficit of $50 billion, which of the following can be true? A. The country's exports are $110 billion, and its imports are S160 billion. B. The country's exports are $150 billion, and its imports are $60 billion. C. The...
14. Consider starting from full-employment equilibrium in our Aggregate Demand and Supply model (with flexible wages and worker misperception of price level changes in the short run), at Po, Qn on the output market graph below. Then we get a decrease in Aggregate Demand from Agg D, to Agg D1. P LR Agg S SR Agg S. Agg D 0 Agg D1 Q Q1 N We can say that O In the long run, P and Q will return to...
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