Consider the economy represented by the aggregate supply-aggregate demand graph below, which is initially at a short-run equilibrium at point A. Suppose taxes increase. How would this affect the economy? Price level. (GDP deflator, 2009 = 100) p1 LRAS1 GDP* A GDP1 SRAS1 Real GDP (trillions of 2009 dollars) Economic growth will decrease. Inflation will increase. Unemployment will decrease. Employment will increase. AD1
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- An increase in government spending would affect GDP if ? the long-run aggregate supply is vertical the short-run aggregate supply is vertical the short-run aggregate supply is upward sloping the short-run aggregate supply is horizontalWhich of the following would increase aggregate demand? A) Increase in taxation. B) Increase in savings. C) Decrease in consumption spending. D) Increase in government spending.Suppose the economy experiences a "supply shock" due to a fall in oil prices. As a result, the economy experiences a/an ___________in the price level and a/an _______in the level of output(GDP) Group of answer choices Decrease; decrease Increase; increase Decrease; increase Increase; decreas
- Suppose the aggregate demand equation for an economy is given by AD = 2000 - 50P, where AD represents aggregate demand and P represents the price level. Calculate the aggregate demand when the price level is $40.Determinants of aggregate demand The following graph shows an increase in aggregate demand (AD) in a hypothetical country. Specifically, aggregate demand shifts to the right from AD1AD1 to AD2AD2, causing the quantity of output demanded to rise at all price levels. For example, at a price level of 140, output is now $400 billion, where previously it was $300 billion.Consider the economy represented by the aggregate supply-aggregate demand graph below, which is initially at a short-run equilibrium at point A. Suppose taxes increase. How would this affect the economy? Price level (GDP deflator, 2009 = 100) PI Employment will increase. LRAS₁ Economic growth will decrease. Inflation will increase. GDPⓇ GDP₁ Real GDP (trillions of 2009 dollars) Unemployment will decrease. SRASI AD₁
- Suppose that the government engages in expansionary fiscal policy by increasing government spending. Show the initial impact by properly shifting the aggregate demand curve (AD), the short-run aggregate supply curve (SRAS), or the long-run aggregate supply curve on the graph below. Aggregate price level (P) LRAS SRAS * AD Aggregate output (Q)Which of the following would shift aggregate demand to the right? Choose all that apply. Group of answer choices Increasing imports. Increasing exports. Increasing taxes. Increasing consumer confidence.Determinants of aggregate demand The following graph shows a decrease in aggregate demand (AD) in a hypothetical country. Specifically, aggregate demand shifts to the left from AD1AD1 to AD2AD2, causing the quantity of output demanded to fall at all price levels. For example, at a price level of 140, output is now $200 billion, where previously it was $300 billion.
- Suppose that the price level is constant and that investment decreases sharply. How would you show this decrease in the aggregate expenditures model? What would be the outcome for real GDP? How would you show this fall in investment in the aggregate demand–aggregate supply model, assuming the economy is operating in what, in effect, is a horizontal section of the aggregate supply curve?There is little doubt that artificial intelligence and automation have changed the economy. Machines are performing manual tasks at a faster and more consistent pace and are becoming better at replacing humans, even in service-oriented jobs, such as customer support. Show the impact of these innovations in production on the economy using an aggregate demand and supply framework.Suppose an economy is operating at point A on the graph showing aggregate demand. A decrease in the aggregate price level causes the economy to move to point B On the graph showing aggregate expenditures (AE), show the change caused by the movement from point A to point B on the aggregate demand curve. Aggregate price level Aggregate demand Aggregate output Aggregate expenditures Income (Y) Y-AE AE