e Π 8. Economic fluctuations The following graph shows the economy in long-run equilibrium at an expected price level of 120 and potential output of $300 billion. Suppose the economies of several foreign countries experience rapidly growing incomes, causing foreign spending on domestic goods and services to increase. Shift the short-run aggregate supply (SRAS) curve or the aggregate demand (AD) curve to show the short-run impact of the economic prosperity abroad on the graph. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE LEVEL 240 SRAS 200 AD 160 120 80 100 200 300 400 REAL GDP (Billions of dollars) AD 500 600 SRAS

e Π 8. Economic fluctuations The following graph shows the economy in long-run equilibrium at an expected price level of 120 and potential output of $300 billion. Suppose the economies of several foreign countries experience rapidly growing incomes, causing foreign spending on domestic goods and services to increase. Shift the short-run aggregate supply (SRAS) curve or the aggregate demand (AD) curve to show the short-run impact of the economic prosperity abroad on the graph. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE LEVEL 240 SRAS 200 AD 160 120 80 100 200 300 400 REAL GDP (Billions of dollars) AD 500 600 SRAS

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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