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- Use Table 26.3 to answer the following questions. Sketch an aggregate supply and aggregate demand diagram. What is the equilibrium output and price level? If aggregate demand shifts right, what is equilibrium output? If aggregate demand shifts left, what is equilibrium output? In this scenario, would you suggest using aggregate demand to alter the level of output or to control any inflationary increases in the price level?On a microeconomic demand curve, a decrease in price causes an increase in quantity demanded because the product in question is now relatively less expensive than substitute products. Explain why aggregate demand does not increase for the same reason in response to a decrease in the aggregate price level. In other words, what causes total spending to increase if it is not because goods are now cheaper?What is ? 1-)Required Reserve 2-)Aggregate Supply 3-)Aggregate Dernand
- 3. Currently, there is world-wide shortage of computer microchips.Determine the effects on: a. Supply of Toyota automobiles made in Ontario. b. Supply of peanuts grown in SouthwesternOntario. c. Demand for automobiles in Canada. d. GDP in Canada. e. Short-run aggregate demand and aggregate supply in Canada’s economy.19. Which action would cause the aggregate supply curve slope to change in the short run? A. high income taxes B. changes in profit C. shortages in a specific market D. free market3.Explain the causes of shifting of aggregate demand and aggregate supply.
- 13 Which of the following would increase aggregate demand? Increase in savings. Increase in taxation. Decrease in consumption spending. Increase in government spending.3. Currently, there is world-wide shortage of computer microchips.Determine the effects on: d. GDP in Canada. e. Short-run aggregate demand and aggregate supply in Canada’s economy.5. How is the aggregate supply curve different from the supply curve for a single good, like pizza?
- Section: Unanticipated Changes, Recessions, and Booms; How an economy self-adjusts to full-employment equilibrium without government intervention: Source--Gwartney Section 10-7 A. Draw an Aggregate Supply/Aggregate Demand graph of an economy that is initially in Long-Run Equilibrium. B. Next, on your graph, display the short-run impact of an abrupt decrease in Aggregate Demand.1) Define aggregate demand and aggregate supply. 2) Give three reasons why the aggregate demand curve slopes downward. 3) Give three reasons why the aggregate supply curve slopes upwards.1. Aggregate supply definitions 1. The short-run aggregate supply curve shows: a. The relationship between the price level and aggregate expenditure b. What happens to the level of real GDP suppliers are willing and able to produce in an economy as the overall price level changes, during a period in which output prices can change but input prices are fixed c. How firms respond to changes in interest rates d. What happens to output in an economy when the government spends more money 2. Which of the following are assumed to remain unchanged along a given short-run aggregate supply curve? Check all that apply. Real GDP Input prices The position of the aggregate demand curve The technology available to firms 3. The natural rate of unemployment refers to: a. The unemployment rate that occurs when an economy’s real GDP is equal to its potential output b. The unemployment that arises due to purely seasonal factors, such as unemployed lifeguards in the…