Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 24, Problem 26RQ

What is potential GDP?

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reg avgprice mpgcity Source SS df MS Number of obs F(1, 91) 93 49.76 Model Residual 3.0345e+09 5.5495e+09 1 3.0345e+09 91 60983890.4 Prob > F 0.0000 R-squared = 0.3535 Total 8.5840e+09 92 93304579.4 Adj R-squared = Root MSE = 0.3464 7809.2 avgprice Coef. Std. Err. t P>|t| [95% Conf. Interval] mpgcity -1021.944 cons 42366.05 144.8745 3339.859 12.68 0.000 35731.83 49000.27 reg avgprice mpgcity weight Source SS df MS Model Residual 3.6663e+09 4.9177e+09 2 1.8332e+09 90 54640959.2 Number of obs F(2, 90) Prob > F R-squared Total 8.5840e+09 92 93304579.4 Adj R-squared Root MSE 93 33.55 0.0000 = 0.4271 0.4144 7392 avgprice Coef. Std. Err. t P>|t| [95% Conf. Interval] mpgcity weight -290.7165 8.262269 255.0389 2.429698 cons 622.5692 12676.12 -1.14 3.40 0.05 0.257 0.001 0.961 -797.3957 215.9627 3.43525 -24560.76 13.08929 25805.9
reg avgprice mpgcity Source SS df MS Number of obs F(1, 91) 93 49.76 Model Residual 3.0345e+09 5.5495e+09 1 3.0345e+09 91 60983890.4 Prob F = 0.0000 R-squared = 0.3535 Total 8.5840e+09 92 93304579.4 Adj R-squared Root MSE = 0.3464 7809.2 avgprice Coef. Std. Err. t P>|t| [95% Conf. Interval] mpgcity _ cons -1021.944 42366.05 144.8745 3339.859 12.68 0.000 35731.83 49000.27 reg avgprice mpgcity weight Source SS df MS Number of obs 93 F(2, 90) 33.55 Model Residual 3.6663e+09 4.9177e+09 2 1.8332e+09 90 54640959.2 Prob > F R-squared = 0.0000 = 0.4271 Total 8.5840e+09 92 93304579.4 Adj R-squared Root MSE = = 0.4144 7392 avgprice Coef. Std. Err. t P>|t| [95% Conf. Interval] mpgcity weight -290.7165 255.0389 cons 8.262269 2.429698 622.5692 12676.12 -1.14 0.257 3.40 0.001 0.05 0.961 -797.3957 215.9627 3.43525 -24560.76 13.08929 25805.9

Chapter 24 Solutions

Principles of Economics 2e

Ch. 24 - What impact would a decrease in the size of the...Ch. 24 - Suppose, after five years of sluggish growth, the...Ch. 24 - Suppose the Federal Reserve begins to Increase the...Ch. 24 - If the economy is operating in the neoclassical...Ch. 24 - If the economy is operating In the Keynesian zone...Ch. 24 - What is says law?Ch. 24 - What is Keynes; law?Ch. 24 - Do neoclassical economists believe in Keynes law...Ch. 24 - Does Says law apply more accurately in the long...Ch. 24 - What is on the horizontal axis of the AD/AS...Ch. 24 - What is the economic reason why the SRAS curve...Ch. 24 - What are the components of the aggregate demand...Ch. 24 - What are the economic reasons why the AD curve...Ch. 24 - Briefly explain the reason for the near-horizontal...Ch. 24 - Briefly explain the reason for the near-vertical...Ch. 24 - What is potential GDP?Ch. 24 - Name some factors that could cause the SRAS curve...Ch. 24 - Will the shift of SRAS to the right tend to make...Ch. 24 - What is stagflation?Ch. 24 - Name some factors that could cause AD to shift,...Ch. 24 - Would a shift of AD to the right tend to make the...Ch. 24 - How is long-term growth illustrated in an AD/AS...Ch. 24 - How is recession illustrated in an AD/AS model?Ch. 24 - How is cyclical unemployment illustrated in an...Ch. 24 - How is the natural rate of unemployment...Ch. 24 - How is pressure for inflationary price increases...Ch. 24 - What are some of the ways in which exports and...Ch. 24 - What is the Keynesian zone of the SRAS curve? How...Ch. 24 - What is the neoclassical zone of the SRAS curve?...Ch. 24 - What is the intermediate zone of the SRAS curve?...Ch. 24 - Why would an economist choose either the...Ch. 24 - On a microeconomic demand curve, a decrease in...Ch. 24 - Economists expect that as the labor market...Ch. 24 - If new government regulations require firms to use...Ch. 24 - During spring 2016 the Midwestern United States,...Ch. 24 - Hydraulic fracturing (tracking) has the potential...Ch. 24 - Some politicians have suggested tying the minimum...Ch. 24 - If households decide to save a larger portion of...Ch. 24 - If firms become more optimistic about the future...Ch. 24 - If Congress cuts taxes at the same time that...Ch. 24 - Suppose the level of structural unemployment...Ch. 24 - If foreign wealth-holders decide that the United...Ch. 24 - The AD/AS model is static. It shows a snapshot of...Ch. 24 - Explain why the short-run aggregate supply curve...Ch. 24 - Explain why the short-run aggregate supply curve...Ch. 24 - Why might it be important for policymakers to know...Ch. 24 - In your view, is the economy currently operating...Ch. 24 - Are Says law and Keynes law necessarily mutually...Ch. 24 - Review the problem in the Work It Out titled...Ch. 24 - The imaginary country of Harris Island has the...Ch. 24 - Table 24.4 describes Santhers economy. Plot the...

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