During the Great Recession, aggregate demand and long-run aggregate supply. a) decreased; decreased O b) decreased; remained unchanged O c) increased; decreased d) remained unchanged; decreased O e) increased; increased
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- Europe and Asia both fall into deep economic recessions. What impact will this have on U.S. aggregate demand? OPTIONS: U.S. aggregate demand curve will shift to the right. U.S. aggregate demand will remain unchanged. None. A nation’s aggregate demand is only affected by its own economic conditions. U.S. aggregate demand will decrease.Assume that aggregate demand is unaffected by the gas tax holiday. After the economy has fully adjusted to the gas tax holiday, the long-run effect is (an increase, no change, a decrease) in aggregate output and (an increase, no change, a decrease) in the price level.Europe and Aisa both fall into deep economic recessions. What impact will this have on the U.S. aggregate demand? A. None B. U.S. aggregate demand shifts will be offset by aggregate supply shifts C. U.S. aggregate demand will decrease D. The U.S. aggregate demand curve will shift to the right
- In 2006, the economy of Aptonville had an aggregate demand and aggregate supply according to the following schedule: Price Level Aggragate Demand Shortrun Aggragate Supply 90 $1325 $1085 100 $1300 $1140 110 $1275 $1195 120 $1250 $1250 130 $1225 $1305 140 $1200 $1360 150 $1175 $1415 What was Aptonville’s short-run equilibrium output in 2006?Assume that the United States economy is currently in a recession in a short-run equilibrium. Draw a correctly labeled graph of aggregate demand and aggregate supply in the recession and show each of the following. The long-run equilibrium output, labeled YfBecause fluctuations in the world oil price make the U.S. short-run macroeconomic equilibrium fluctuate, someone suggests that the government should vary the tax rate on oil, lowering the tax when the world oil price rises and increasing the tax when the world oil price falls, to stabilize the oil price in the U.S. market. If this suggestion is implemented, when the world price of oil ______, aggregate supply would ______. A. changes; not change B. falls; increase C. rises; decrease D. falls; decrease E. rises; increase
- Assume that aggregate demand is unaffected by the oil price spike. After the economy has fully adjusted to the oil price spike, the long-run effect is (no change, an increase, a decrease) in aggregate output and (no change, an increase, a decrease) in the price level.Suppose firms become very optimistic about future business conditions and invest heavily in new capital equipment. Show the short-run effect of this optimism on the aggregate-demand curve.Suppose that political instability in the Middle East interrupts the supply of oil. The and prices aggregate demand; left; decreases; decrease short-run aggregate supply; right; increases; decrease aggregate demand; right; increases; increase short-run aggregate supply; left; decreases; increase curve shifts output
- A long-run equilibrium occurs when aggregate demand and aggregate supply are in equilibrium ____ a) below potential output b) at potential output c) above potential output d) at any level of outputWhich of the following would shift the long-run aggregate supply curve to the right?a. a decrease in the rate of inflationb. an increase in the growth rate of spendingc. a severe drought that decreases crop production and as a result raises pricesd. the invention of a new computer chip that makes assembly production twice as fastAssume that the United States economy is currently in a recession in a short-run equilibrium. Draw a correctly labeled graph of aggregate demand and aggregate supply in the recession and show each of the following. The current equilibrium output and price levels, labeled Ye and PLe, respectively.
