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Real-Time Data Analysis Exercise* *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. In the most recent quarter (the fourth quarter of 2023), U.S. real GDP was $22.7 trillion and the price level measured by the GDP deflator was 123.3. 1. Draw a point that shows real GDP and the price level in the fourth quarter of 2023. 2. Draw an aggregate demand curve for the fourth quarter of 2023 and label it AD. 3. Draw an aggregate supply curve for the fourth quarter of 2023 and label it AS. 128.3 127.3- 126.3- 125.3- 124.3 Price level (GDP deflator; 2012 = 100) 123.3-123.3 122.3- 121.3 AD 120.3- 119.3 22.7 118.3 21.5 21.9 22.3 22.7 23.1 O σ N 23.5 Real GDP (trillions of 2012 dollars) >>> Draw only the objects specified in the question.

Real-Time Data Analysis Exercise* *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. In the most recent quarter (the fourth quarter of 2023), U.S. real GDP was $22.7 trillion and the price level measured by the GDP deflator was 123.3. 1. Draw a point that shows real GDP and the price level in the fourth quarter of 2023. 2. Draw an aggregate demand curve for the fourth quarter of 2023 and label it AD. 3. Draw an aggregate supply curve for the fourth quarter of 2023 and label it AS. 128.3 127.3- 126.3- 125.3- 124.3 Price level (GDP deflator; 2012 = 100) 123.3-123.3 122.3- 121.3 AD 120.3- 119.3 22.7 118.3 21.5 21.9 22.3 22.7 23.1 O σ N 23.5 Real GDP (trillions of 2012 dollars) >>> Draw only the objects specified in the question.

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Taking The Nation's Economic Pulse
Section: Chapter Questions
Problem 14CQ
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Real-Time Data Analysis Exercise* *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. In the most recent quarter (the fourth quarter of 2023), U.S. real GDP was $22.7 trillion and the price level measured by the GDP deflator was 123.3. 128.3- 127.3- 126.3- 125.3- Price level (GDP deflator; 2012 = 100) AD 120.3- 119.3- 118.3- 21.5 21.9 1. Draw a point that shows real GDP and the price level in the fourth quarter of 2023. 2. Draw an aggregate demand curve for the fourth quarter of 2023 and label it AD. 3. Draw an aggregate supply curve for the fourth quarter of 2023 and label it AS. 124.3- 123.3-123.3 122.3- 121.3- 22.3 + 22.7 22.7 23.1 ☑ 23.5 Real GDP (trillions of 2012 dollars) >>> Draw only the objects specified in the question.
Transcribed Image Text:Real-Time Data Analysis Exercise* *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. In the most recent quarter (the fourth quarter of 2023), U.S. real GDP was $22.7 trillion and the price level measured by the GDP deflator was 123.3. 128.3- 127.3- 126.3- 125.3- Price level (GDP deflator; 2012 = 100) AD 120.3- 119.3- 118.3- 21.5 21.9 1. Draw a point that shows real GDP and the price level in the fourth quarter of 2023. 2. Draw an aggregate demand curve for the fourth quarter of 2023 and label it AD. 3. Draw an aggregate supply curve for the fourth quarter of 2023 and label it AS. 124.3- 123.3-123.3 122.3- 121.3- 22.3 + 22.7 22.7 23.1 ☑ 23.5 Real GDP (trillions of 2012 dollars) >>> Draw only the objects specified in the question.
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