Chapter 10, Problem 12CQ

(a)

To determine

Identify the price level and quantity of GDP during the given period.

(b)

To determine

Identify if the economy is in long-run equilibrium or not.

(c)

To determine

Identify the unemployment rate compared with the natural rate of unemployment.

(d)

To determine

Identify the expected resource price and the equilibrium rate of output in the future.

(e)

To determine

Identify the expected rate of GDP during the given period.