Bundle: Principles Of Economics, Loose-leaf Version, 8th + Aplia, 1 Term Printed Access Card
8th Edition
ISBN: 9781337607636
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 33, Problem 2PA
Sub part (a):
To determine
Impact of different events on the long run aggregate supply .
Sub part (b):
To determine
Impact of different events on the long run aggregate supply.
Sub part (c):
To determine
Impact of different events on the long run aggregate supply.
Sub part (d):
To determine
Impact of different events on the long run aggregate supply.
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If the price level rises, what happens to aggregate supply?
Aggregate supply _______.
A.
doesn't change, but the quantity of real GDP supplied increases
B.
decreases
C.
increases
D.
doesn't change, but the quantity of real GDP supplied decreases
Explain whether each of the following events will increase decrease or have no effect on long run aggregate supply a. the United States experiences as a wave of immigration b. Congress raises the minimum wage to $15 an hour c. Intel and Vince a new and more improved powerful computer chip d. a severe hurricane damage factories along the East Coast
What kind of change would happen to aggregate demand, aggregate supply, and real GDP. if foreign countries purchase an unusually large number of U. S. manufactured passenger and military airplanes.
Chapter 33 Solutions
Bundle: Principles Of Economics, Loose-leaf Version, 8th + Aplia, 1 Term Printed Access Card
Ch. 33.1 - Prob. 1QQCh. 33.2 - Prob. 2QQCh. 33.3 - Prob. 3QQCh. 33.4 - Prob. 4QQCh. 33.5 - Prob. 5QQCh. 33 - Prob. 1CQQCh. 33 - Prob. 2CQQCh. 33 - Prob. 3CQQCh. 33 - Prob. 4CQQCh. 33 - Prob. 5CQQ
Ch. 33 - Prob. 6CQQCh. 33 - Prob. 1QRCh. 33 - Prob. 2QRCh. 33 - Prob. 3QRCh. 33 - Prob. 4QRCh. 33 - Prob. 5QRCh. 33 - Prob. 6QRCh. 33 - Prob. 7QRCh. 33 - Prob. 1PACh. 33 - Prob. 2PACh. 33 - Prob. 3PACh. 33 - Prob. 4PACh. 33 - Prob. 5PACh. 33 - Prob. 6PACh. 33 - Prob. 7PACh. 33 - Prob. 8PACh. 33 - Prob. 9PACh. 33 - Prob. 10PA
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Similar questions
- Changes in what four variables will shift the long run aggregate supply curve?arrow_forwardWhich of the following causes the aggregate supply curve to shift inward? a. Increase in quantity of labor b. Increase in quantity of capital c. Decrease in GDP d. Decrease in price levelarrow_forwardExplain the difference between the short-run aggregate supply curve and the long-run aggregate supply.arrow_forward
- A ship gets stuck in the Suez Canal that shuts down shipping lanes. If we start in equilibrium, what happens? Aggregate demand to shift left. Short-run aggregate supply to shift right. Short-run aggregate supply to shift left. Aggregate demand to shift right.arrow_forwardIf the price level rises and the money wage rate rises by the same percentage, what happens to the quantity of real GDP supplied? Along which aggregate supply curve does the economy move?arrow_forwardFor each of the scenarios, please decide whether there will be an increase or decrease in short-run aggregate supply or if there will be no change. 1a. Changes in the healthcare market cause employers to pay significantly more for health insurance they provide employees. 1b. The price of lumber, a commodity, rises drastically due to the effect of heavy winter weather in the American Northwest, where much of the world's lumber is grown. 1c. The production of a new type of blade for their combine harvesters, a tractor used to harvest crops, has allowed wheat farmers, like Herbert, to increase productivity by 40%.arrow_forward
- Which of the following statements will not parallel shift the aggregate supply curve? A. A reduction in business taxes. B. A reduction in the price of imported oil. C. An increase in labor productivity. D. A reduction in the general level of prices Please do fast ASAP fastarrow_forwardWhich of the following events increases aggregate supply? A. A decrease in potential GDP B. A rise in the price level C. A fall in the money wage rate D. A fall in the price levelarrow_forwardIn an economy the aggregate demand is less than aggregate supply explain the changes that will take place in this economy.arrow_forward
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