ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
5 Answer everything, no matter if I did some of it. I may be wrong. Dropdown options: decrease/increase & demand/supply PLEASE GIVE HONEST ANSWERS!
The following graph shows the aggregate demand (AD) and aggregate supply (AS) curves for a hypothetical economy. Initially, the economy is operating at its full-employment level. Use the graph to help you answer the questions that follow. You can drag the curves on the graph to help you answer the questions, but you will not be scored on any changes you make to the graph. Suppose the government increases tax rates without changing its spending. (? 300 275 s, 250 Demand 225 200 Supply 175 150 125 100 D, 75 50 25 D, 0 1 2 3 4 5 6 7 10 11 12 REAL GDP (Billions of dollars) PRICE LEVEL
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Transcribed Image Text:The following graph shows the aggregate demand (AD) and aggregate supply (AS) curves for a hypothetical economy. Initially, the economy is operating at its full-employment level. Use the graph to help you answer the questions that follow. You can drag the curves on the graph to help you answer the questions, but you will not be scored on any changes you make to the graph. Suppose the government increases tax rates without changing its spending. (? 300 275 s, 250 Demand 225 200 Supply 175 150 125 100 D, 75 50 25 D, 0 1 2 3 4 5 6 7 10 11 12 REAL GDP (Billions of dollars) PRICE LEVEL
In the short run, the price level will be 50, and real GDP will be 100 , and real gross domestic product (GDP) will be $6 billion. $4 billion. In the long run, the price level will be Assume that the economy is still in short-run equilibrium following the increase in taxes. In order to bring the economy back to its full-employment level, the central bank can increase the money supply, which leads to a shift in the aggregate supply curve. Why is it difficult for the Bank of Canada to shift the aggregate demand curve precisely? Check all that apply. The Bank of Canada does not exercise any control over interest rates. The Bank of Canada does not lend to banks and financial institutions. Data about the state of the economy are not available in real time. Economists debate whether monetary policy should be made by discretion or implemented according to a set of rules. With which of the following statements are advocates of discretion likely to agree? On average, the Bank of Canada's adjustments to aggregate demand shocks push the economy in the right direction. The Bank of Canada is likely to make a lot of mistakes when trying to adjust to aggregate demand shocks. The Bank of Canada should not try to adjust to every aggregate demand shock.
expand button
Transcribed Image Text:In the short run, the price level will be 50, and real GDP will be 100 , and real gross domestic product (GDP) will be $6 billion. $4 billion. In the long run, the price level will be Assume that the economy is still in short-run equilibrium following the increase in taxes. In order to bring the economy back to its full-employment level, the central bank can increase the money supply, which leads to a shift in the aggregate supply curve. Why is it difficult for the Bank of Canada to shift the aggregate demand curve precisely? Check all that apply. The Bank of Canada does not exercise any control over interest rates. The Bank of Canada does not lend to banks and financial institutions. Data about the state of the economy are not available in real time. Economists debate whether monetary policy should be made by discretion or implemented according to a set of rules. With which of the following statements are advocates of discretion likely to agree? On average, the Bank of Canada's adjustments to aggregate demand shocks push the economy in the right direction. The Bank of Canada is likely to make a lot of mistakes when trying to adjust to aggregate demand shocks. The Bank of Canada should not try to adjust to every aggregate demand shock.
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