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Explain the slope of the SR
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- Explain the factors that cause the Aggregate Demand curve to be downward sloping left to right.Which of the following causes the aggregate supply curve to shift inward? a. Increase in quantity of labor b. Increase in quantity of capital c. Decrease in GDP d. Decrease in price levelWhat role do imports play in aggregate demand? Under which conditions will changes in imports expand aggregate demand? Reduce aggregate demand?
- Are the determinants of aggregate demand the same things that apply to demand for an individual good?Explain the three reasons the aggregate-demand curve slopes downward. Give an example of an event that would shift the aggregate-demand curve . In which direction would this event shift the curve?Explain the difference between the short-run aggregate supply curve and the long-run aggregate supply.
- Explain whether each of the following events shifts the short-run aggregate-supply curve, the aggregate-demand curve, both, or neither. For each event that does shift a curve, use a diagram to illustrate the effect on the economy.a There is a reduction in household income tax.b A cyclone destroys the year’s wheat crop.c Households decide to have less children.d A significant amount of iron ore is found in Western Australia, capable of supplying world trade for the next 50 years.Explain the factors that shifts the Aggregate Supply Curve. Give examplesWhich of the following factors affect the Aggregate Demand curve? Choose all that apply. Exports Education Government Purchases Labor Force Investment Imports Technology Saving Consumption Productivity
- Which of the following factors affect the Aggregate Demand curve? Choose all that apply. Group of answer choices Education Imports Saving Exports Labor Force Productivity Investment Government Purchases Consumption TechnologyWhich of the following shifts aggregate supply to the right? a. a decline in the price of imported natural resources b. a technological advance c. an older labor force that leaves jobs less frequently d. All of the above are correct.Assume initially an economy is at its long run equilibrium. Then, price of oil in theworld increases. What will happen to real GDP and aggregate price level in the short runequilibrium following the increase in price of oil? Use the Aggregate Demand – AggregateSupply model to answer the question.