In the macroeconomic model of aggregate supply and aggregate demand, quantity is: 1.) Represented by GDP...
In the macroeconomic model of aggregate supply and aggregate demand, quantity is: 1.) Represented by GDP 2.) the measure of the value of all goods and services produced by the economy 3.) a measure of total output 4.) All of these are true
Homework Answers
Option 4.
In the macroeconomic model of aggregate supply and aggregate demand, quantity is a factor that brings changes to the quantity demanded and quantity supplied.
It is represented by the GDP or the gross domestic product of a nation which shows the value of the final quantity of goods and services produced and sold within an economy in a given year.
Quantity also measures the total output that is produced within an economy
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In the macroeconomic model of aggregate supply and aggregate
demand, quantity is: 1.) Represented by GDP...
Long run aggregate supply is the relationship between the quantity of real GDP supplied and the...
Long run aggregate supply is the relationship between the quantity of real GDP supplied and the price level when the maintain full employment changes in step with the price level to O A. money wage rate OB. quantity of money OC. real wage rate OD. interest rate supplied and the when the money wage rate, the prices of other resources and Short run aggregate supply is the relationship between the quantity of potential GDP remain constant O A real GDP...
The graph depicts a dynamic aggregate demand (AD) and aggregate supply (AS) model of the economy....
The graph depicts a dynamic aggregate demand (AD) and aggregate supply (AS) model of the economy. Suppose that in 2003, the economy is in macroeconomic equilibrium, with GDP at GDP (year 1). The Fed projects that in 2004, the aggregate demand curve will be AD (year 2), that potential real GDP will be $12.45 trillion (GDP (year 2), and that actual real GDP will be $12.39 trillion LRAS (year 1) LRAS (year 2) SRAS (ycar1) SRAS (year 2 ear Year...
1. In addition to the price level, what does the aggregate demand and aggregate supply model...
1. In addition to the price level,
what does the aggregate demand and aggregate supply model focus
on?
a. real
GDP
b.
nominal GDP
c.
the real interest rate
d. stock
prices
2. Which statement best characterizes the long-run
aggregate-supply curve?
a. It is
horizontal.
b. It
shows a positive relationship between price level and output.
c.
It demonstrates the importance of money in the economy....
1. An introduction to the AD-AS model The AD-AS (aggregate demand and aggregate supply) model is...
1. An introduction to the AD-AS model The AD-AS (aggregate demand and aggregate supply) model is a useful simplification of the macroeconomy. The horizontal axis of a diagram of the AD and AS curves measures which of the following? The price of one particular representative good produced in the economy The amount of one particular representative good produced in the economy An economy's price level An economy's aggregate output The vertical axis of a diagram of the AD and AS...
1.Which of the following is true about aggregate demand? It is the sum of the demand...
1.Which of the following is true about aggregate demand? It is the sum of the demand for all goods and services produced in an economy. It includes demand from households, firms, governments, and foreign markets. In equilibrium, it is simply real GDP. All of the above. 2.Which of the following statements is correct? Monetary policy takes a long time to be implemented. The Fed usually foresees macroeconomic problems. Monetary policy, once implemented, is immediately effective. Monetary policy decisions can be...
1.Which of the following is true about aggregate demand? It is the sum of the demand...
1.Which of the following is true about aggregate demand? It is the sum of the demand for all goods and services produced in an economy. It includes demand from households, firms, governments, and foreign markets. In equilibrium, it is simply real GDP. All of the above.
The table gives the aggregate demand schedule, the short run aggregate supply schedule, and the long run aggregat...
The table gives the aggregate demand schedule, the short run aggregate supply schedule, and the long run aggregate supply schedule for an economy What is the quantity of real GDP at the short-run macroeconomic equilibrium? Price level (GDP deflator) The quantity of real GDP at the short-run macroeconomic equilibrium is s billion 100 Real GDP Real GDP Real GDP supplied supplied demanded in short run in long run (billions of 2007 dollars) 200 500 350 500 500 500 400 650...
Employ the aggregate demand and supply model for the Australian economy, to analyse the consequences for...
Employ the aggregate demand and supply model for the Australian economy, to analyse the consequences for real GDP and the general price level of the following a drought and the fall in agricultural output.
1. The quantity of output supplied at different price levels is represented by the a. production function. b. aggregate demand curve. c. aggregate supply curve. d. aggregate expenditures curve.
1. The quantity of output supplied at different price levels is represented by the a. production function.b. aggregate demand curve.c. aggregate supply curve.d. aggregate expenditures curve.
Question 5 In the aggregate supply and aggregate model, the shapes of the aggregate supply and...
Question 5 In the aggregate supply and aggregate model, the shapes of the aggregate supply and aggregate demand curves are built: on the relationship between the price level and total output. upon the relationship between a single good and its price. upon the principle of opportunity cost. upon the principle of substitution Question 6 When prices in the United States drop, this will cause foreigners to: substitute U.5. goods for their own domestically produced goods. o buy fewer U.S. goods....
Long run aggregate supply is the relationship between the quantity of real GDP supplied and the price level when the maintain full employment changes in step with the price level to O A. money wage rate OB. quantity of money OC. real wage rate OD. interest rate supplied and the when the money wage rate, the prices of other resources and Short run aggregate supply is the relationship between the quantity of potential GDP remain constant O A real GDP...
The graph depicts a dynamic aggregate demand (AD) and aggregate supply (AS) model of the economy. Suppose that in 2003, the economy is in macroeconomic equilibrium, with GDP at GDP (year 1). The Fed projects that in 2004, the aggregate demand curve will be AD (year 2), that potential real GDP will be $12.45 trillion (GDP (year 2), and that actual real GDP will be $12.39 trillion LRAS (year 1) LRAS (year 2) SRAS (ycar1) SRAS (year 2 ear Year...
1. In addition to the price level,
what does the aggregate demand and aggregate supply model focus
on?
a. real
GDP
b.
nominal GDP
c.
the real interest rate
d. stock
prices
2. Which statement best characterizes the long-run
aggregate-supply curve?
a. It is
horizontal.
b. It
shows a positive relationship between price level and output.
c.
It demonstrates the importance of money in the economy....
The table gives the aggregate demand schedule, the short run aggregate supply schedule, and the long run aggregate supply schedule for an economy What is the quantity of real GDP at the short-run macroeconomic equilibrium? Price level (GDP deflator) The quantity of real GDP at the short-run macroeconomic equilibrium is s billion 100 Real GDP Real GDP Real GDP supplied supplied demanded in short run in long run (billions of 2007 dollars) 200 500 350 500 500 500 400 650...
Question 5 In the aggregate supply and aggregate model, the shapes of the aggregate supply and aggregate demand curves are built: on the relationship between the price level and total output. upon the relationship between a single good and its price. upon the principle of opportunity cost. upon the principle of substitution Question 6 When prices in the United States drop, this will cause foreigners to: substitute U.5. goods for their own domestically produced goods. o buy fewer U.S. goods....
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