Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 8, Problem 18E
To determine
To write:
A report that indicates a shift in aggregate
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What kind of change would happen to aggregate demand, aggregate supply, and real GDP. if foreign countries purchase an unusually large number of U. S. manufactured passenger and military airplanes.
Draw an aggregate demand and supply diagram for Japan. In the diagram, show how each of the following affects aggregate demand and supply:
The U.S. gross domestic product falls.
The level of prices in Korea falls.
Labor receives a large wage increase.
Economists predict higher prices next year.
Based on the picture, explain what happens to the aggregate demand. Describe your answer.
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- 4. Draw an ADAS graph at equilibrium. Suppose there is widespread fear of a recession. Which curve will shift? Draw the new equilibrium. Video Helparrow_forwardWhat effects would increase in aggregate supply have on price levels and GDP?arrow_forwardSuppose that the price index of 150 for quantity demanded of US Real GDP is 10.0 trillion worth of goods. Do these data represent aggregate demand or a point on an aggregate demand curve? Explain your answer.arrow_forward
- suppose that at a price index of 154 the quantity demand of u.s. real GDP is 10.0 trillion worth of goods. do these data represent aggregate demand or point on an aggregate demand curve? explain your answer?arrow_forward"The demand curves for all products have negative slopes. For instance, the demand curves for milk,automobiles, personal computers, and shirts all have negative slopes. Therefore, because the aggregate demand curve shows the demand for all products, it too must have a negative slope. " Comment on this assertion.arrow_forwardThe curve of Aggregate Demand or aggregate demand has a negative slope. Explain why the aggregate demand curve can have a negative slope.arrow_forward
- What is the difference between a movement along the aggregate demand curve and a shift of the aggregate demand curve?arrow_forwardClassify each factor according to whether it is associated with a movement along the aggregate demand curve or a shift of the aggregate demand curve.arrow_forwardThe following event has occurred in the history of the United States: The world oil price rises sharply. Explain for event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.arrow_forward
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