Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
Represent the following situations diagrammatically:
- a. An economy in which AD increases as the economy is self-regulating out of a recessionary gap
- b. An economy in which AD decreases as the economy is self-regulating out of an inflationary gap
(a)
Estimate the self-regulation out of a recessionary gap.
Self-regulating, recessionary gap:
In an economy, the recessionary gap arises when the actual unemployment rate exceeds the natural unemployment rate; it explains that the unemployment rate in an economy is high. If wage contracts expire, then the firms introduce new contract and that pay the lower wage rate to the workers. The decrease in the production cost leads to shift the short run aggregate supply curve (SRA...
(b)
Estimate the self-regulation out of an inflationary gap.
Chapter 9 Solutions
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