Answer the following questions on the basis of the following three sets of data for the country of North Vaudeville: (A) (B) (C) Price Level Price Level Price Level Real GDP Real GDP Real GDP 110 230 110 280 100 205 100 230 100 255 100 230 95 230 95 230 100 255 90 230 90 205 100 280 a. Which set of data illustrates aggregate supply in the immediate short run in North Vaudeville? (Click to select) v The short run? |(Click to select) ♥ The long run? |(Click to select) v b. Assuming no change in hours of work, if real output per hour of work increases by 15 percent, what will be the new levels of real GDP in the right column of B? Instructions: Enter your answers rounded to 1 decimal place. At a price level of 110: At a price level of 100: At a price level of 95:| At a price level of 90: Does the new data reflect an increase in aggregate supply or does it indicate a decrease in aggregate supply? (Click to select)
Answer the following questions on the basis of the following three sets of data for the country of North Vaudeville: (A) (B) (C) Price Level Price Level Price Level Real GDP Real GDP Real GDP 110 230 110 280 100 205 100 230 100 255 100 230 95 230 95 230 100 255 90 230 90 205 100 280 a. Which set of data illustrates aggregate supply in the immediate short run in North Vaudeville? (Click to select) v The short run? |(Click to select) ♥ The long run? |(Click to select) v b. Assuming no change in hours of work, if real output per hour of work increases by 15 percent, what will be the new levels of real GDP in the right column of B? Instructions: Enter your answers rounded to 1 decimal place. At a price level of 110: At a price level of 100: At a price level of 95:| At a price level of 90: Does the new data reflect an increase in aggregate supply or does it indicate a decrease in aggregate supply? (Click to select)
Chapter8: Macroeconomic Equilibrium: Aggregate Demand And Supply
Section: Chapter Questions
Problem 11E
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