Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
In the short run, what is the impact on the price level and Real GDP of each of the following?
- a. An increase in consumption brought about by a decrease in interest rates
- b. A decrease in exports brought about by the dollar appreciating
- c. A rise in wage rates
- d. A beneficial supply shock
- e. An adverse supply shock
- f. A decline in productivity
(a)
Estimate the impact of price level and real GDP when consumption increases and interest rate decreases.
If the interest rate decreases in an economy, then the autonomous consumption will increase. It leads to a shift in ...
(b)
Estimate the impact of price level and real GDP if export decreases when dollar appreciates.
(c)
Estimate the impact of price level and real GDP when the wage rate increases.
(d)
Estimate the impact of price level and real GDP when there is a beneficial supply shock.
(e)
Estimate the impact of price level and real GDP when there is adverse supply shock.
(f)
Estimate the impact of price level and real GDP when productivity decreases.
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