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- Suppose the U.S. Congress passes significant immigration reform that makes it more difficult for foreigners to come to the United States to work. Use the AD/AS model to explain how this would affect the equilibrium level of GDP and the puce level.What is the new GDP in the short-run as a result of this shift? What is the new price level in the short-run as a result of this shift? What is the price level in the new long-run equilibrium as a result of this shift? What is GDP in the new long-run equilibrium as a result of the shift?Briefly analyse the impact on an economy of a prolonged period of deflation
- If the economy's full employment rate of output is $6.0 trillion, what will happen to the unemployment rate assuming that it will persist into the future? What would happen to the equilibrium level of output/income if there will be an autonomous increase in investment of $250 billion?27)Show and explain by using a graph, what will happen to the price level and real GDP if the quantity of money increases and the increase is not anticipated; that is, the price level is not expected to change.Explain how real GDP is determined when the price level is fixed.
- If the price level in the economy goes up while all other factors affecting the economy remains the same,briefly explain how this increase in P will reduce C, I and NX.Explain, in detail, how the adjustment to macroeconomic equilibrium occurs when spending is less than production. Be sure to discuss how inventories play a crucial role in the adjustment process. State what happens to GDP and employment during the adjustment process.Why must double counting be avoided when measuring GDP? Provide an elaborate answer with at least one example. Part B: Aggregate Demand (AD) Curve shows the relationship between the economy’s price level and real GDP demanded. In other words, real GDP demanded by different groups of buyers, i.e., Consumers (C), Businesses (I), Government (G), and Net Amount by Foreigners (Export - Import), at different price levels give us points on a graph, which are connected to form a curve called AD curve. Review the textbook chapter, and conduct internet research to discuss determinants of AD or factors that shift AD curve. Part C: Following graph shows business cycle fluctuation in a hypothetical economy. "Y" denotes year, and "Q" denotes quarter. What do points A, B, C, and D denote? Write at least a sentence each about what these points denote. Also, explain what represent the curve segments: A to B, B to C, and C to D. Lastly, because economic activity fluctuates, how is long-term…
- 40. Which of the figures above illustrates the problem of recessionary gap?Which of the following are true of an economy operating with a negative GDP gap? Check all that apply. a)A worker with a college degree is more likely to be unemployed than a worker without one. b)The suicide rate, crime, and political unrest may be higher than in an economy with a similar potential GDP and a lower unemployment rate. c)Actual real GDP is less than potential real GDP. d)A teenage worker is more likely to be unemployed than an older worker.What is the new short-run price level? What is the new short-run GDP? What is the new Long-run price level? What is the new long-run GDP?
