In the long run, real GDP will O be close to or the consumer price index. O be close to or on the horizontal part of the AS curve. be close to or at its potential GDP
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- qiven the following aggregeete demand (mD) and Veiggregaté suppry Sns sahedules, ck$ Price level SA) sahedules. Real GDP benan ded Real GDP SUPPPIZED- -Short Ryn 70 80 90 450 400 350 350 400 450 500 100 300 110 250 550 4 potential RGAP is 450 units of us$. a) íf re Aemand Inereases by Us$100. Draw show the new equilibrium Valaues on the Same and graphandfund the new equilisrium. Give possible e this inerease in AD. seplanation for 1alrease in AD. One"During a recession more people qualify for unem ployment insurance . This will increase the government spending category of GDP and help reduce the sever ity of the recession " Do you agree with this statement ? Why or why notWhat are the main components of measuring GDP with what is demanded?
- Imagine that a country produces only three goods: npples, bananas, and cerrots. The quantaies produced and the prices ut the thee goods are fisted below Seve & tah S Onoda Produced Apples Bananas Carrots 12 22 Price $2.00 1.50 1.00 Instructions: Round your answers to 2 decimal places. a. What is this country's GDP? b. Suppose that a drought hits the country, causing the quantity of apples produced to fal to 3. Assuming that ali prices remain constant, what is this country's new level of GDP? E. Assume, once again, that the quantities produced and the prices of the three goods are as listed in the table. Given this situation, carrot sellers decide that the price of carrots is too low and agree to raise the price of carrots. If GDP is $80.00, what will be the new rice of carrots? per carrotIf real GDP in a year was $3,600 billion and the price index was 104, then nominal GDP in that year was approximately Multiple Choice Mc Graw Hill 1 $3,462 billion. $3,744 billion. O $3,600 billion. $5,040 billion. ! @ 2 Q A MacBook Pro 27 & 6Please give a detailed solution with an explanation. Please double-check your sources and make sure the answer is 100% correct. Make sure all questions are answered too.Blank Answer #1:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #2:this year's pricesthe base year's pricesBlank Answer #3:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #4:this year's pricesthe base year's pricesBlank Answer #5:produced domesticallybought by consumersSuppose an economy can be represented by the folowing table, in which employment is in millons of workers and GDP and AE are expressed in billions of dollars: Employment 100 Real GDP Aggregate Expenditures 1275 1350 1425 1500 1575 1650 1200 105 1300 1400 1500 1600 1700 110 115 120 125 fut employment is 120 milion workers? What is its what kind of expenditure oap exists size? Suppose government spending, taxes, and net exports ane all independent of the level of rcal GDP. What is the multplier an ths economy? below the econemy's potential, what is the size of the recessionary expenditure qaptWhich of the following will NOT shift the ADTT curve? O a. A rise in consumer confidence O b. A rise in interest rates O c. A rise in government spending O d. A rise in exportsSuppose that real GDP in the USA eouals S20 ilion in 2020 and grown to 21 ton in 2021. he economy eontinu to grow at tha reta, w meny years wi e for me UA's ai GP to dale yearsWha t components of GDP (if any) would each of thefollowing tt"a:nsactions affc,: t? Explain.a. Uncle Henry buys a new refrigerator from adomestic manufactu=.b. Aunt Jane buys a new house from a local builder:c. The Jackson famil}' bU}'S an old Victorian housefrom the Walker fan1ily.d. You pay a hairdresser for a haircut.e. Ford sells a Mustang from its inventory to theMartinez family.f. Ford manufactures a Focus and sells il to Avis, thecar rental company.g. Cal.ilornia hires workers to repave Highway JOI.h. The federal government sends your grandmothera Social Securil y check.i. Your parents buy a bo ttle of French wine.j. Honda expands its factory in Ohio.Of the influences on expenditure plans, which ones remain constant along the aggregate demand curve? A. Only the price level B. All influences except the price level C. All influences including the price level D. The sum of the components of aggregate expenditure ThnaksWhich of the following will NOT shift the ADT curve? O a. A rise in government spending O b. A rise in exports Ос. A rise in interest rates O d. A rise in consumer confidenceSEE MORE QUESTIONS