Homework Answers
(C.1.1) Option (a)
In long run equilibrium, AD = SRAS = LRAS, which determines long-run potential output and inflation rate (price level).
In short run equilibrium, AD = SRAS, which determines current output and current inflation rate (price level).
(C.1.2) Option (a)
Inflation rate = % Change in CPI = (114.1/113.5) - 1 = 1.0053 - 1 = 0.0053 = 0.53%
(C.1.3) Option (c)
Higher government spending increases output, shifting IS curve rightward. But a simultaneous increase in import, which decreases output, makes the net effect uncertain. When output changes, income also changes, in turn changing consumption and investment.
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