Suppose the economy of Hawkland is initially at full employment. Currently real GDP is $20 trillion, the price level is 120, the money wage is $36/hour, the full employment quantity of labor is 300 billion hours per year, and the current unemployment rate is 6%. Draw a fully labeled graph depicting the aggregate goods and services market in Hawkland. Be sure to label all axes and include numerical values for variables on the axes where relevant. Provide a brief explanation to the side and show any necessary calculations. Label any relevant curves with a zero (0, for example: AD0) and use a zero in a circle to clearly label the initial equilibrium

Please give a detailed solution with an explanation to the below images.Please double-check your answer before submitting by double-checking your sources and work.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 prices or the 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 prices or the base year's pricesBlank Answer #5:produced domesticallybought by consumers

1. Key facts about economic fluctuations The graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP), REAL GDP (Billions of dollars) 2170 2070 1970 1870 1770 1948 1949 YEAR 1950 1951 Source: "Current-dollar and Real GDP," Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xis/gdplex.xs

Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year. Year Units of Output Price Per Unit $2 ITT 1 8. 2 10 3 3 15 4 4 18 20 6 a) If year 2 is the base year, then the percentage increase in real GDP from year 2 to year 4 is: percent. b) If prices increased, we need to adjust nominal GDP values to give us a measure of GDP for various years in constant-dollar terms. We refer to that adjustment as: ( Inflating ; Deflating; Compounding GDP ; Indexing ) GDP. <-- Circle a correct answer! c) If the Consumer Price Index rises from 300 to 333 in a particular year, the rate of inflation in that year is: percent. d) Amy sells $100 worth of cotton to Bob. Bob turns the cotton into cloth, which he sells to Camille for $300. Camille uses the cloth to make prom dresses that she sells to Donita for $700. Donita sells the dresses for $1,200 to kids attending the prom. The total…