Question 42 The total of all planned production for the entire economy is known as O aggregate supply. O aggregate demand. O aggregate expenditures. O aggregate inflation.
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- During spring 2016 the Midwestern United States, which has a large agricultural base, experiences above-average rainfall. Using the AD/AS diagram, what is the effect on output, the price level, and employment?magine an economy in which nominal GDP grew between 2018 and 2019 and real GDP fell during that same time period. Which of the following answers might explain this? Question 30 options: A) both prices and national output increased between 2018 and 2019 B) both prices and national output fell between 2018 and 2019 C) prices in the economy increased while national output fell between 2018 and 2019 D) prices in the economy fell while national output increased between 2018 and 2019Aggregate demand and aggregate supply, based on a problem from “Principles of Economics” by N. Gregory Mankiw a) List the components of country’s GDP in an open economy. For each component, provide an example of an event that would cause a shift of the aggregate demand curve to the right.b) What will be the effect of such events on the level of prices and the real outcome in the short run? Provide a graph.c) What will be the effect of such events on the level of prices and the real outcome in the longrun? Update your graph
- The economy starts out at full-employment equilibrium. Some events then occur that generate cost-push inflation. Which of the following events might cause cost-push inflation? A. a decrease in exports. B. an increase in the money wage rate or firms raise prices C. an increase in the quantity of money. D. a decrease in government expenditure.How to draw a AD/AS curve when theres an increase in prices. increase in inflation the wage of employees stays the same the demand stayed the sameWhich of the following is most commonly used to monitor short-run changes in economic activity?a. the inflation rateb. real GDPc. aggregate demandd. aggregate supply
- The Aggregate Supply (AS) curve slopes upward to reflect the profit motive of businesses. So, why are there two versions of the AS curve( i.e. short run and long- run). DiscussWhich of the following would cause a decrease inthe short-run aggregate supply curve (SRAS)?a. An increase in oil pricesb. An advance in technologyc. An increase in the CPId. An increase in the long-run aggregate supplycurve (LRAS)Of all the influences on production plans, which influences are constant along the aggregate supply curve? A. All influences except the price level B. The price level if it doesn't change C. Only the price level D. All influences including the price level Thanks!
- Determine the effect on aggregate demand/ Short Run Agrregate supply of each of the followingevents. Explain whether it represents a movement along the aggregate demand/ Short run Aggregatesupply curve (up or down) or a shift of the curve (leftward or rightward).a) News of a worse-than-expected job market next yearb) A rise in the consumer price index (CPI) leads producers to increase output.c) A rise in legally mandated retirement benefits paid to workers leads producers to reduceoutput.d) As a result of an increase in the value of the dollar in relation to other currencies, Americanproducers now pay less in dollar terms for foreign steel, a major commodity used in production.e) An increase in the quantity of money by the Federal Reserve increases the quantity of moneythat people wish to lend, lowering interest rates.f) Greater union activity leads to higher nominal wages.g) A fall in the aggregate price level increases the purchasing power of households’ and firms’money holdings. As…The economy of Ficticiousland has demand and supply schedules as follow: Price Level (CPI) Aggregate Demand Short-run aggregate supply 250 4 16 200 8 12 150 12 8 100 16 4 Reflecting GDP in trillions of dollars Please submit the answer for the following exercises, show your work. 1. Graph the aggregate demand curve and the short run aggregate supply curve 2. What are short-run equilibrium real GDP and the price level? 3. If Ficticiousland's potential real GDP is $12 trillion, plot the long-run aggregate supply curve (LRAS) in the graph.Suppose that firms become very pessimistic about future business conditions and cut heavily on investment in capital equipment. Show the long-run equilibrium of the economy. Explain what happens to Price level and Quantity of Output in the long run equilibrium. Explain in words why the aggregate quantity of output demanded changes between the short run and the long run. [No policy involvement]