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- In what year and quarter did U.S. real GDP first exceed its pre-recession level?recognize why economists believe that economic problems such as “shocks” and “sticky prices” are responsible for short-run fluctuations in GDP;What would be the effect of a hurricane that damages buildings and roadways in the Gulf Coast? on: LRAS (shifts left? right? doesn't move?) AD (shifts left? right? doesn't move?) Price level (increases, decreases, or doesn;t move?) GDP (Increases, decreases, or doesnt move?)
- What impact would a decrease in the size of the labor force have on GDP and the puce level according to the AD/AS model?How is long-term growth illustrated in an AD/AS model?Will the shift of SRAS to the right tend to make the equilibrium quantity and price level higher or lower? What about a shift of SRAS to the left?
- Many financial analysts and economists eagerly await the press releases for the reports on the home price index and consumer confidence index. What would be the effects of a negative report on both of these? What about a positive report?Following a demand-side recession, what happens to full employment GDP (C+I+G) after a few recessions and over-expansion? Why is this composition problematic for the long run?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?
- So far, we have learned to measure real GDP, but how do we end up with that real GDP? Of all of the different amountsof national income and price levels that might exist, how do we gravitate toward the one that gets measured each year asreal GDP?In short, it is the interaction of the buyers and producers of all output that determines both the national income (real GDP)and the price level. In other words, the intersection of aggregate demand (AD) and short-run aggregate supply (SRAS)determines the short-run equilibrium output and price level.Once we have a short-run equilibrium output, we can then compare it to the full employment output to figure out where inthe business cycle we are. If current real GDP is less than full employment output, an economy is in a recession. If currentreal GDP is higher than full employment output, an economy is experiencing a boom. If the current output is equal to thefull-employment output, then we say that the economy is in long-run equilibrium. The…What are the costs associated with large volatility in GDP? bouts of low taxes and high government expenditures bouts of high GDP growth and low inflation rate bouts of high interest rates and high national debt bouts of high inflation and high unemployment rateSuppose the real GDP of an economy is $520 billion dollars and its unemployment rate is 8%.If the natural rate of unemployment is estimated at 5%, what is the value of the country’s potential GDP (LAS) in billions of dollars?
