Homework Answers
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I am answering the first question as per policy.
When there is an increase in natural resources, the inputs to the production of goods are available in abundant supply. So they become cheap. As a result, producers use more of these natural resources to produce more of their goods. These goods are then supplied to the market. As a result of this, the aggregate supply of goods in the market increases.
So now at the same price, there are a higher number of goods in the market. Thus the AS curve shifts to the right and outwards.
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1. Suppose natural resources increase, which curve(s) in an AD-AS graph shift(s) to which direction? 2....
12. (5 points) Price level LRAS SRAS3 SRAS1 SRAS2 AD AD1 Real GDP i. Based on...
12. (5 points) Price level LRAS SRAS3 SRAS1 SRAS2 AD AD1 Real GDP i. Based on the figure above, starting at point A, if there is an increase in government spending, then in the short run we would move to point and in the long run to point ii. Based on the figure above, starting at point A, if there is an increase in the price of oil, then in the short run we move to point and in the...
ce Level Long Run Aegregate Supply 110 LRAS 1 105 100 95 13 5 14.5 15.5...
ce Level Long Run Aegregate Supply 110 LRAS 1 105 100 95 13 5 14.5 15.5 165 Real GDP or Output amlbon of 2009 dollars Refer to the economic model pictured above: Decrease in price levels from 105 to 100 will cause Real GDP to O remain constant in the long run increase to 16.5 trillion in the long run O decrease to 13.5 trillion in the long run O increase to 15.5 trillion in the long run Price Level...
LRAS In the graph to the right illustrating the AD-AS model, assume the economy was in...
LRAS In the graph to the right illustrating the AD-AS model, assume the economy was in equilibrium at point E1. Then, assume there was a decline in spending on new houses. Where does short-run equilibrium occur? Where does long-run equilibrium occur? 1.) Using the point drawing tool, plot the point that represents short-run equilibrium. Label this point E2. Price level, P. SRAS a SRAS2E1 2.) Using the point drawing tool, plot the point that represents long-run equilibrium. Label this point...
Aa Aa 4. The effect of Bank of Canada action (or inaction) in the AD-AS model Consider the follow...
Aa Aa 4. The effect of Bank of Canada action (or inaction) in the AD-AS model Consider the following graph. The economy is currently producing at point A (grey star symbol), which corresponds to the intersection of the AD1 and SRAS1 curves. The Bank of Canada is considering whether to intervene in an effort to bring the economy back to its potential PRICE LEVEL 180 LRAS SRAS 175 If Bank Intervenes 170 SRAS1 165 160 155 150 AD2 145 140...
The following graph shows the short-run aggregate supply curve (AS), the aggregate demand curve (AD), and the long-run aggregate supply curve (LRAS) for a hypothetical economy
9. Economic fluctuations II The following graph shows the short-run aggregate supply curve (AS), the aggregate demand curve (AD), and the long-run aggregate supply curve (LRAS) for a hypothetical economy. Initially, the expected price level is equal to the actual price level, and the economy is in long-run equilibrium at its natural level of output, $120 billion. Suppose a bout of severe weather drives up agricultural costs, increases the costs of transporting goods and services, and increases the costs of producing goods...
If the price level decreases, then aggregate demand increase along the AD curve but the curve doesn’t shift. a. True b....
If the price level decreases, then aggregate demand increase along the AD curve but the curve doesn’t shift. a. True b. False The Long-run Aggregate Supply Curve (LRAS) can shift to the right because of: a. Discovery of more natural resources b. Development of more efficient technology c. Inviting more labor force through Immigration d. All of the above Which of the following may happen due to a crash in the stock market: a. AD curve may shift to the...
Suppose the economy is initially in long-run equilibrium. The Fed decides to increase the required reserve...
Suppose the economy is initially in long-run equilibrium. The Fed decides to increase the required reserve ratio. In the short-run, this contractionary monetary policy will cause: Price Level 1227 SRASZ 1204 LRAS 1184 116- 114- 1124 SRAS, 1104 O A. A shift from SRAS, to SRAS, and a movement to point B, with a lower price level and higher output. OB. A shift from AD, to AD, and a movement to point B, with a higher price level and higher...
LRAS 150-n 1301 11아- Aggregate Deri 10 11 12 Real GDP per Year (S trillions) In the above figure...
LRAS 150-n 1301 11아- Aggregate Deri 10 11 12 Real GDP per Year (S trillions) In the above figure, the long-run equilibrium price level is Price Level AD2 AD1 Real GDP per Year in the above figure a movement from point B to point A can be explained by In the above figure, a movement from point B to point A can be explained by 1) a drop in the price level. 2) an increase in spending due to a...
1. GDP is _____ 11 trillion/ 16 trillion/ 10 trillion / 14 trillion /12 trillion 2. currently...
1. GDP is _____ 11
trillion/ 16 trillion/ 10 trillion / 14 trillion /12
trillion
2. currently _____ recessionary gap / inflationary
gap
3. of ______ 4 trillion / 1 trillion / 5 trillion / 2
trillion / 3 trillion
4. the Fed will ____ increase / decrease
5. which will _____ increase/ decrease
6. incentive to ____ increase / decrease
7. shifting the ____ AD / SRAS / LRAS
8. curve to the ____ left / right
9. relatively high...
The accompanying graph illstrates an economy in long-run equilibrium which is denoted by point FiR Suppose...
The accompanying graph illstrates an economy in long-run equilibrium which is denoted by point FiR Suppose a new technology is discovered which increases productivity. In the graph, demonstrate how the economy moves to its new long-run equilibrium by shifting the appropriate curves and placing point ELR at the new long- run equilibrium. LRAS SRAS LR In the long run, the aggregate price level decreases and real GDP (aggregate output) AD increases. Real GDP
12. (5 points) Price level LRAS SRAS3 SRAS1 SRAS2 AD AD1 Real GDP i. Based on the figure above, starting at point A, if there is an increase in government spending, then in the short run we would move to point and in the long run to point ii. Based on the figure above, starting at point A, if there is an increase in the price of oil, then in the short run we move to point and in the...
ce Level Long Run Aegregate Supply 110 LRAS 1 105 100 95 13 5 14.5 15.5 165 Real GDP or Output amlbon of 2009 dollars Refer to the economic model pictured above: Decrease in price levels from 105 to 100 will cause Real GDP to O remain constant in the long run increase to 16.5 trillion in the long run O decrease to 13.5 trillion in the long run O increase to 15.5 trillion in the long run Price Level...
LRAS In the graph to the right illustrating the AD-AS model, assume the economy was in equilibrium at point E1. Then, assume there was a decline in spending on new houses. Where does short-run equilibrium occur? Where does long-run equilibrium occur? 1.) Using the point drawing tool, plot the point that represents short-run equilibrium. Label this point E2. Price level, P. SRAS a SRAS2E1 2.) Using the point drawing tool, plot the point that represents long-run equilibrium. Label this point...
Aa Aa 4. The effect of Bank of Canada action (or inaction) in the AD-AS model Consider the following graph. The economy is currently producing at point A (grey star symbol), which corresponds to the intersection of the AD1 and SRAS1 curves. The Bank of Canada is considering whether to intervene in an effort to bring the economy back to its potential PRICE LEVEL 180 LRAS SRAS 175 If Bank Intervenes 170 SRAS1 165 160 155 150 AD2 145 140...
Suppose the economy is initially in long-run equilibrium. The Fed decides to increase the required reserve ratio. In the short-run, this contractionary monetary policy will cause: Price Level 1227 SRASZ 1204 LRAS 1184 116- 114- 1124 SRAS, 1104 O A. A shift from SRAS, to SRAS, and a movement to point B, with a lower price level and higher output. OB. A shift from AD, to AD, and a movement to point B, with a higher price level and higher...
LRAS 150-n 1301 11아- Aggregate Deri 10 11 12 Real GDP per Year (S trillions) In the above figure, the long-run equilibrium price level is Price Level AD2 AD1 Real GDP per Year in the above figure a movement from point B to point A can be explained by In the above figure, a movement from point B to point A can be explained by 1) a drop in the price level. 2) an increase in spending due to a...
1. GDP is _____ 11
trillion/ 16 trillion/ 10 trillion / 14 trillion /12
trillion
2. currently _____ recessionary gap / inflationary
gap
3. of ______ 4 trillion / 1 trillion / 5 trillion / 2
trillion / 3 trillion
4. the Fed will ____ increase / decrease
5. which will _____ increase/ decrease
6. incentive to ____ increase / decrease
7. shifting the ____ AD / SRAS / LRAS
8. curve to the ____ left / right
9. relatively high...
The accompanying graph illstrates an economy in long-run equilibrium which is denoted by point FiR Suppose a new technology is discovered which increases productivity. In the graph, demonstrate how the economy moves to its new long-run equilibrium by shifting the appropriate curves and placing point ELR at the new long- run equilibrium. LRAS SRAS LR In the long run, the aggregate price level decreases and real GDP (aggregate output) AD increases. Real GDP
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