how does long-run growth analysis justify its focus on supply?
how does long-run growth analysis justify its focus on supply?
Homework Answers
Real per capita income:
The real per capita income is real income per person. this is measured by dividing the real national income by total population
The person who worked longer to buy adozen eggs:
In a soceity the economic conditions are changing day by day. therefore, a person who lived in 1910 and a person who lived in 2009 faced different economic circumstances. In an econamy, as year pass, the real income person will increase . It might be more than the growth in the population therefore , since 1910, the real income earned by a person has gone up.this increasing real income indicates that a person who lived in 1910 had less real income than a person who lived in 2009
Therefore, a person who lived in 1910 had to work more to buy a dozen eggs
Do you think our government should focus on the long run or the short run? Why...
Do you think our government should focus on the long run or the short run? Why do you feel that way? How do you think policies would change if the government focused only on the long run? Attachments Skills Explain macroeconomic perspectives on demand and supply. Explain how the aggregate demand/aggregate supply model incorporates growth, unemployment, and inflation. Compare and contrast neoclassical and Keynesian views using the aggregate demand/aggregate supply model to understand the economy.
For production function , find the long-run supply curve (L and K are variable). How does...
For production function , find the long-run supply curve (L and K are variable). How does a change in w shift the graph of the function?
In the long run, an increase in the money supply growth rate? A.reduces expected inflation so...
In the long run, an increase in the money supply growth rate? A.reduces expected inflation so the short run Philips curve shifts left B. raises expected inflation so the short-run phillips curve shifts left C.raises expected inflation so the short-run phillips curve shifts right d. none of the above is correct
A.What is the labour productivity and how does it relate to long run economic growth? B. Assuming...
A.What is the labour productivity and how does it relate to long run economic growth? B. Assuming that the legal system is already efficient at enforcing property rights and contracts what two factors can increases labour productivity? C.Based on your answer to questions A and B in the medium to long term would it be efficient for the government to increase expenditure on the university sector (assuming the money will be spent on teaching and research)? also show diagrams
Does industry supply curve slope upward in the long run? explain.
Does industry supply curve slope upward in the long run? explain.
The long run aggregate supply curve is perfectly vertical to both the RBC and New keynesian...
The long run aggregate supply curve is perfectly vertical to both the RBC and New keynesian models of inflation and economic growth. this implies that a. inflation and long run supply and positively correlated b. sthe slope of the LRAS curve is negative c. there is no relationship between long run growth and inflation d. all of the possible choices are correct money neutrality implies that a. all the possible choices are correct b. increaes in the money supply have...
In the extended analysis of aggregate supply, the short-run aggregate supply curve is Multiple Choice 0...
In the extended analysis of aggregate supply, the short-run aggregate supply curve is Multiple Choice 0 upsloping and the long-run aggregate supply curve is vertical. 0 vertical and the long-run aggregate supply curve is horizontal 0 horizontal and the long-run aggregate supply curve Is upsloping. 0 horizontal and the long-run aggregate supply curve Is vertical.
Y, and AD-AS),.. 81. In the long run, an increase in the supply of money does...
Y, and AD-AS),.. 81. In the long run, an increase in the supply of money does what? 82. Investment drives the business cycle because 83. The main caus e of cyclical recessions and depressions 84. The growth of GDP with no change in MV would do what to AS, AD, and p? 85. Suppose the U.S. Treasury finances a budget deficit by selling bonds the U.S. public. The money supply will 86. Is a central bank is needed by a...
What does the vertical slope of the long-run aggregate supply curve mean? no matter what the...
What does the vertical slope of the long-run aggregate supply curve mean? no matter what the Real GDP, the price level is always the same Real GDP always increases and never falls Real GDP always converges to the same value in the long run The price level is not a factor determining long-run aggregate supply
7 Consider a typical aggregate demand and supply curve of an economy operating at its long-run...
7 Consider a typical aggregate demand and supply curve of an economy operating at its long-run equilibrium. Express the condition for long-run equilibrium and graphically show the long- run equilibrium of this economy in an AD-AS diagram. Explain and graphically show how a positive AD shock affects the short-run equilibrium of this economy. How do the price level and rGDP change in the short term as a result? a. b. Does the positive AD shock result in a recessionary gap...
In the extended analysis of aggregate supply, the short-run aggregate supply curve is Multiple Choice 0 upsloping and the long-run aggregate supply curve is vertical. 0 vertical and the long-run aggregate supply curve is horizontal 0 horizontal and the long-run aggregate supply curve Is upsloping. 0 horizontal and the long-run aggregate supply curve Is vertical.
Y, and AD-AS),.. 81. In the long run, an increase in the supply of money does what? 82. Investment drives the business cycle because 83. The main caus e of cyclical recessions and depressions 84. The growth of GDP with no change in MV would do what to AS, AD, and p? 85. Suppose the U.S. Treasury finances a budget deficit by selling bonds the U.S. public. The money supply will 86. Is a central bank is needed by a...
7 Consider a typical aggregate demand and supply curve of an economy operating at its long-run equilibrium. Express the condition for long-run equilibrium and graphically show the long- run equilibrium of this economy in an AD-AS diagram. Explain and graphically show how a positive AD shock affects the short-run equilibrium of this economy. How do the price level and rGDP change in the short term as a result? a. b. Does the positive AD shock result in a recessionary gap...
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