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| This graph represents: | |
| The x-axis represents: | |
| The y-axis represents: | |
| The top curve represents: | |
| The curve declining from top left to bottom right represents: | |
| The curve increasing from bottom left to right represents: |
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- Consider the following data on the X-product: a) What was the growth rate of nominal GDP between 2010 and 2011? b) What was the growth rate of the GDP deflator between 2010 and 2011? c) What was real GDP in 2010 measured in 2005 price? d) What was real GDP in 2011 measured in 2005 price? e) What was the growth rate of real GDP between 2010 and 2011? f) Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.Refer to Figure 26-1. What is measured along the vertical axis of the graph? a. The tax rate b. The interest rate c. The quantity of investment d. The quantity of savingBriefly explain the purpose of an AS curve and describe the characteristics of a typical AS curve.
- explain and illustrate laffer curvegraph and label as either direct or indirect the relationships you would expect to find between a) the number of inches of rainfall per month and the sale of umbrellas, b) the amount of tuition and the level of enrolment at a university, c) the popularity of an entertainer and the price of her concert tickets.What is it meant by the Laffer Curve ? Graphically Illustrate
- Consider the following data on the X-product: a)What was the growth rate of real GDP between 2010 and 2011? b)Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.Assume that the average or mean monthly household consumption expenditure for Malaysia rose from RM3,578 in 2018 to RM4,033 in 2020, growing 6% per annum at nominal value, according to the statistics department. However, in terms of real value — which refers to the constant price using the Consumer Price Index with the base year 2014 as the deflator — annual growth rate is 3.9% for the same period, mentioned on its Household Expenditure Survey Report 2020. a) Suppose that consumer spending initially rises by RM5 billion for every 1 percent rise in household wealth and that investment spending initially rises by RM20 billion for every 1 percentage point fall in the real interest rate. Also, assume that the economy’s multiplier is 4. i. If household wealth falls by 5 percent because of declining house values, and the real interest rate falls by two percentage points, in what direction and by how much will the aggregate demand curve initially shift at each price level? ii. In what…Explain the relationship between these two formulas: Y = C + I + G + EX – IM S = (Y – T – C) + (T – G)
- Consider the following transactions that occur during the current year:The following graph approximates business cycles in the United States from the first quarter of 1955 to the third quarter of 1959. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded period in 1957, is known as . True or False: Small ups and downs in real GDP follow a consistent, predictable pattern. True False Which of the following probably occurred as the U.S. economy experienced declining real GDP in 1957? Check all that apply. Industrial production increased. Home sales increased. Consumer spending declined. Retail sales declined.Please give a detailed answer with a full explanation. For the graph make sure it is readable, visible, and clear to see the movements. Please answer the fill in the blanks too. Here are the options for the fill in the blanks.Option #1:decreased or increased or was unchangedOption #2:decreased or increased or was unchanged