The table shows the aggregate demand and short-run aggregate supply schedules of Chamber Island in which potential GDP is 510 billion. Real GDP Real GDP supplied Price demanded in the short run level (billions of 2007 dollars per year) 90 550 470 100 530 490 Exports decrease unexpectedly, shifling aggregate demand by $40 billion at all price levels. As a result, the price level 110 510 510 will be Chamber Island has experienced 120 490 530 A. a one-time change in the price level B. a demand-pull deflation C. a cost-push deflation D. a demand-pull nflation 130 470 550 O E. a cost-push inflation OO

The table shows the aggregate demand and short-run aggregate supply schedules of Chamber Island in which potential GDP is 510 billion. Real GDP Real GDP supplied Price demanded in the short run level (billions of 2007 dollars per year) 90 550 470 100 530 490 Exports decrease unexpectedly, shifling aggregate demand by $40 billion at all price levels. As a result, the price level 110 510 510 will be Chamber Island has experienced 120 490 530 A. a one-time change in the price level B. a demand-pull deflation C. a cost-push deflation D. a demand-pull nflation 130 470 550 O E. a cost-push inflation OO

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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