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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

The amount of Real GDP (real output) that households are willing and able to buy may change if there is a change in either (a) the price level or (b) some nonprice factor, such as wealth, interest rates, and the like. Do you agree or disagree? Explain your answer.

(a)

To determine

Estimate the Real GDP if the price level  changes.

Explanation

If the price level changes, then it affects the Real GDP in the market. As the price level changes, the quantity dema...

(b)

To determine

Estimate the Real GDP if there are changes in the non-price factors.

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