Homework Answers
13) :-D is right option,an increase in aggregate demand and short-run aggregate supply
Aggregate demand is defined as a schedule or curve that shows the total quantity of goods and services demanded (purchased) at different price levels.
Aggregate supply is defined as a schedule or curve showing the total quantity of goods and services supplied (produced) at different price levels.
Short-run aggregate supply curve is defined as a curve relevant to a time period in which input prices (particularly nominal wages) do not change in response to changes in the price level.
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13 Question (1 point) 1st attempt See Hin For much of the 1990s, the U.S. economy...
Question (1 point) 1st attempt See Hint In 2011, a record-breaking earthquake and tsunami hit Japan,...
Question (1 point) 1st attempt See Hint In 2011, a record-breaking earthquake and tsunami hit Japan, destroying roads and buildings, and killing thousands of people. How will this natural disaster impact the U.S. economy in the short run? Choose one: O A. real GDP will decrease; price level will decrease: unemployment will increase O B. real GDP will increase; price level will increase: unemployment will increase O C. real GDP will increase: price level will increase; unemployment will decrease O...
Question 26 With a vertical long run AS curve, any attempt by the government to reduce...
Question 26 With a vertical long run AS curve, any attempt by the government to reduce GDP through decrease in aggregate demand will lead to Select the correct answer below decrease in GDP with no corresponding deflation in the long run decrease in both GDP and the price level in the long run decrease in the price level with no effect on GDP in the long run decrease in the price level with no corresponding decrease in GDP in the...
A weakness of the neoclassical economic view is that it: can overlook the long-term causes of...
A weakness of the neoclassical economic view is that it: can overlook the long-term causes of economic growth like the existing natural rate of unemployment even when the economy is at potential GDP. focuses on the long-term factors for economic growth and not the short-term causes of economic growth such as why unemployment fluctuates up and down over a few years. can overlook the efficiency of the market economy in self-correcting in the long-run. Keynes' Law says that demand creates...
This Question: 1 pt 11 of 30 This In the graph on the right the economy...
This Question: 1 pt 11 of 30 This In the graph on the right the economy is in long-run equilibrium at point A Now, assume that there is an unexpected increase in the price of oil. 1) Use the line drawing tool to show the resulting short-run equilibrium on your diagram. Label any new aggregate demand or aggregate supply curve as AD, SRAS, LRAS, p riate 2.) Use the point drawing tool to locate the new short run equilibrium point...
Use the graph to answer the questions below: Assume that the economy is initially at point...
Use the graph to answer the questions below:
Assume that the economy is initially at point X. Suppose a fall
in consumer spending growth moves the economy to point Z. In
theory, the government can
(increase/decrease)?
aggregate demand by
(2%, 3%, 5%, 8%, 10%)?
to steer the economy back to the original equilibrium of point
X. Suppose the economy is at point W. In theory, the government
can
(increase/decrease)?
aggregate demand by
(2%, 3%, 5%, 8%, 10%)?
to steer the...
The following graph shows the economy in long-run equilibrium atthe expected price level of 120...
The following graph shows the economy in long-run equilibrium at
the expected price level of 120 and the natural level of output of
$600 billion. Suppose a sudden and severe contraction in the
housing market reduces the value of homes and causes consumers to
spend less.Shift the short-run aggregate supply (AS) curve or the aggregate
demand (AD) curve to show the short-run impact of
the housing market slump.In the short run, the decrease in consumption spending
associated with the housing...
The graph shows the economy in long-run equilibrium Then the world economy expands and the demand...
The graph shows the economy in long-run equilibrium Then the world economy expands and the demand for U.S.-produced goods increases Price level (GDP deflator, 2009-100) 14 Draw a curve that shows 1) the effect of increased demand for U.S.-produced goods. Label it 1 2) the effect of a rising money wage rate that returns the economy to full employment. Label it 2. Draw a point at the new long-run equilibrium 13 SAS 12 An economy is in a long-run equilibrium....
1) Suppose interest rates rise in the United States, but they don't rise in other nations....
1) Suppose interest rates rise in the United States, but they don't rise in other nations. As a result of this change, which of the following is true? I. The demand for the U.S. dollar will increase II. The demand for the U.S. dollar will decrease III. U.S. exports will decrease as a result of the changing value of the U.S. dollar. IV. U.S. exports will increase as a result of the changing value of the U.S. dollar. a) I...
32. The rational expectations hypotheses implies that discretionary macroeconomic policy is: a. relatively effective in both...
32. The rational expectations hypotheses implies that discretionary macroeconomic policy is: a. relatively effective in both the short run and long run b. relatively effective in the short run but ineffective in the long run c. relatively ineffective in both the short run and long run d. effective in the long run since decision makers will continually make predictable, systematic errors 33. The modern view of the Phillips curve suggests that a. when inflation is less than anticipated, unemployment will...
O 13 The Aggregate Demand-A. 61 % os012 soutem.ad 11/04/19 15 Question (1point) See page 429...
O 13 The Aggregate Demand-A. 61 % os012 soutem.ad 11/04/19 15 Question (1point) See page 429 1st attempt Q See Hint The table below provides data on real output, the unemployment rate, and the price level for 2016 and 2017. You want to explain what happened in the economy between 2016 and 2017 Assume that in 2016, the economy is at long-run equilibrium Real output (Y) Unemployment rate Price level IP) Year 2016 $25 bilion 5% 100 2017 $28 bilion...
Question (1 point) 1st attempt See Hint In 2011, a record-breaking earthquake and tsunami hit Japan, destroying roads and buildings, and killing thousands of people. How will this natural disaster impact the U.S. economy in the short run? Choose one: O A. real GDP will decrease; price level will decrease: unemployment will increase O B. real GDP will increase; price level will increase: unemployment will increase O C. real GDP will increase: price level will increase; unemployment will decrease O...
Question 26 With a vertical long run AS curve, any attempt by the government to reduce GDP through decrease in aggregate demand will lead to Select the correct answer below decrease in GDP with no corresponding deflation in the long run decrease in both GDP and the price level in the long run decrease in the price level with no effect on GDP in the long run decrease in the price level with no corresponding decrease in GDP in the...
This Question: 1 pt 11 of 30 This In the graph on the right the economy is in long-run equilibrium at point A Now, assume that there is an unexpected increase in the price of oil. 1) Use the line drawing tool to show the resulting short-run equilibrium on your diagram. Label any new aggregate demand or aggregate supply curve as AD, SRAS, LRAS, p riate 2.) Use the point drawing tool to locate the new short run equilibrium point...
Use the graph to answer the questions below:
Assume that the economy is initially at point X. Suppose a fall
in consumer spending growth moves the economy to point Z. In
theory, the government can
(increase/decrease)?
aggregate demand by
(2%, 3%, 5%, 8%, 10%)?
to steer the economy back to the original equilibrium of point
X. Suppose the economy is at point W. In theory, the government
can
(increase/decrease)?
aggregate demand by
(2%, 3%, 5%, 8%, 10%)?
to steer the...
The following graph shows the economy in long-run equilibrium at
the expected price level of 120 and the natural level of output of
$600 billion. Suppose a sudden and severe contraction in the
housing market reduces the value of homes and causes consumers to
spend less.Shift the short-run aggregate supply (AS) curve or the aggregate
demand (AD) curve to show the short-run impact of
the housing market slump.In the short run, the decrease in consumption spending
associated with the housing...
The graph shows the economy in long-run equilibrium Then the world economy expands and the demand for U.S.-produced goods increases Price level (GDP deflator, 2009-100) 14 Draw a curve that shows 1) the effect of increased demand for U.S.-produced goods. Label it 1 2) the effect of a rising money wage rate that returns the economy to full employment. Label it 2. Draw a point at the new long-run equilibrium 13 SAS 12 An economy is in a long-run equilibrium....
O 13 The Aggregate Demand-A. 61 % os012 soutem.ad 11/04/19 15 Question (1point) See page 429 1st attempt Q See Hint The table below provides data on real output, the unemployment rate, and the price level for 2016 and 2017. You want to explain what happened in the economy between 2016 and 2017 Assume that in 2016, the economy is at long-run equilibrium Real output (Y) Unemployment rate Price level IP) Year 2016 $25 bilion 5% 100 2017 $28 bilion...
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