The Recovery: Utilizing the Aggregate Demand/Aggregate Supply framework describe what has happened during the recovery from the recession from May 2020 (Q2 2020) to the present March 2022 has happened to real GDP since the end of the recession in Q2 of 2020? How about inflation and unemployment? How big is the gap between actual and potential real GDP? Describe the current state of the economy relative to real potential GDP
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- The Australia Federal Government established a AUD 2 billion grant to help sectors affected by the bushfires to get the support they needed to recover. Use the Aggregate Demand and Aggregate Supply Model below to answer the questions that follow. Using the Aggregate Demand and Aggregate Supply Model did the 2019/20 cause economic expansion or economic contraction in Australia. Name at least three sectors that were affected by the bushfires and examine the impact of the bush fires to the economy of Australia. ANSWER: Employ the Aggregate Demand and Aggregate Supply Model to explain the benefits of the Australia government AUD2 billion grant to the economy. ANSWER:The Australia Federal Government established a AUD 2 billion grant to help sectors affected by the bushfires to get the support they needed to recover. Use the Aggregate Demand and Aggregate Supply Model below to answer the questions that follow. i. Using the Aggregate Demand and Aggregate Supply Model did the 2019/20 cause economic expansion or economic contraction in Australia. Name at least three sectors that were affected by the bushfires and examine the impact of the bush fires to the economy of Australia. ANSWER: ii. Employ the Aggregate Demand and Aggregate Supply Model to explain the benefits of the Australia government AUD2 billion grant to the economy. ANSWER:The Australia Federal Government established a AUD 2 billion grant to help sectors affected by the bushfires to get the support they needed to recover. Use the Aggregate Demand and Aggregate Supply Model below to answer the questions that follow. Using the Aggregate Demand and Aggregate Supply Model did the 2019/20 cause economic expansion or economic contraction in Australia. Name at least three sectors that were affected by the bushfires and examine the impact of the bush fires to the economy of Australia. Employ the Aggregate Demand and Aggregate Supply Model to explain the benefits of the Australia government AUD2 billion grant to the economy.
- Other things equal, as consumers increase their savings to pay off their debts will Multiple choice: shift the aggregate demand curve to the left. shift the aggregate supply curve to the right. shift the aggregate supply curve to the left. shift the aggregate demand curve to the right.Which of the following statements best describes the aggregate supply curve? A) The aggregate supply curve represents the relationship between the price level and the total output or real GDP in the macroeconomy. B) The aggregate supply curve represents the relationship between the inflation rate and the total output or real GDP in the macroeconomy. C) The aggregate supply curve represents the relationship between the inflation rate and the total demand or real GDP in the macroeconomy. D) The aggregate supply curve represents the relationship between the price level and the potential output or GDP in the macroeconomy.Which of the following help to explain why the aggregate demand curve slopes downward? a. When the domestic price level rises, our goods and services become more expensive to foreigners. b. When government spending rises, the price falls. c. There is an inverse relationship between consumer expectations and personal taxes. d. When the price level rises, the real value of financial assets (like stocks, bonds, and savings account balances) declines. Label each of the following descriptions as being either an immediate-short-run aggregate supply curve, a short-run aggregate supply curve, or a long-run aggregagte supply curve. a. A vertical line b. The price level is fixed c. Output prices are flexible, but input prices are fixed d. A horizontal line e. An upsloping curve f. Output is fixed What effects would each of the following have on aggregate demand or aggregate supply, other things equal? In each case, use a diagram to show the expected effects on the equilibrium price level…
- Chose one from Multiple choice. 3. Which of the following statements is true if there is an increase in aggregate demand while the economy is in equilibrium on a positively sloping short-run aggregate supply curve? a) Prices rise, national income does not change B) Prices decrease, national income does not change C) Prices go up and national income goes down. D) Prices decrease and national income decreases. E) Prices rise, national income risesThe Australia Federal Government established a AUD 2 billion grant to help sectors affected by the bushfires to get the support they needed to recover. Use the Aggregate Demand and Aggregate Supply Model below to answer the questions that follow. a) Using the Aggregate Demand and Aggregate Supply Model did the 2019/20 cause economic expansion or economic contraction in Australia. Name at least three sectors that were affected by the bushfires and examine the impact of the bush fires to the economy of Australia. b) Employ the Aggregate Demand and Aggregate Supply Model to explain the benefits of the Australia government AUD2 billion grant to the economy.Which of the following statements best describes the aggregate supply curve? : The aggregate supply curve represents the relationship between the inflation rate and the total output or real GDP in the macroeconomy. The aggregate supply curve represents the relationship between the inflation rate and the total demand or real GDP in the macroeconomy. The aggregate supply curve represents the relationship between the price level and the total output or real GDP in the macroeconomy. The aggregate supply curve represents the relationship between taxes and spending in the macroeconomy.
- How does the aggregate demand and supply model reflect a decrease in taxes? Select one: a. Consumption increases, so aggregate demand shifts right. b. Consumption increases, so aggregate supply shifts right. c. Consumption decreases, so aggregate supply shifts left. d. Consumption decreases, so aggregate demand shifts left. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.When the housing bubble burst in 2007, home prices fell and this eliminated a large fraction of many households’ home equity. The most likely outcome of this large decrease in the value of households’ assets is: a rightward shift in the aggregate demand curve a rightward shift in the aggregate supply curve a leftward shift in the aggregate demand curve a leftward shift in the aggregate supply curveUsing the dynamic aggregate demand and aggregate supply model, illustrate and explain the impact of following policy decisions on income, unemployment and inflation in Australia in both short-run and long-run. Part (a) Due to the ongoing Omicron variant induced COVID-19 pandemic, the government is reducing the time gap for taking the booster shot for people inoculated with two doses of COVID-19 vaccine. Part (b) The building and construction industry in Australia is suffering from some logistical issues with imported construction materials as a fallout of the COVID-19 pandemic. The Reserve Bank of Australia (RBA) is closely watching the situation and contemplating a suitable policy action. Explain and illustrate what policy stance should the RBA take and how would that remedy the problem.