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- "H0w w0uld y0u define price stickiness ? H0w d0es this phen0men0n lead t0 an increase in the sh0rt run level 0f 0utput acc0rding t0 the Keynesians?" C0mmentH0w d0es price stickiness phen0men0n lead t0 an increase in the sh0rt run level 0f 0utput acc0rding t0 the Keynesians?H0w w0uld y0u define price stickiness ?The following graph represents an economy. Initially, they produced an aggregate output of $6,000 until they decreased consumption by $500. If price levels did not change, output would have fallen to $5,100. However, prices decreased because of the decrease in consumption, so output only fell to $5,400. Aggregat e Price SRAS 100 97 ADo AD Aggregat 5,10 5.40 6,00 e Outout a. Calculate the simple Keynesian multiplier if the price levels had not changed. Round the answer to the nearest two decimal points. b. Calculate the actual spending multiplier after the prices decreased. Round the answer to the nearest two decimal points.
- "H0w w0uld y0u define price stickiness ? H0w d0es this phen0men0n lead t0 an increase in the sh0rt run level 0f 0utput acc0rding t0 the Keynesians?" C0mment in simple w0rdsWhat is the macroeconomic equilibrium? The macroeconomic equilibrium is real GDP of $ ___ trillion and a price level is ___. SS attached thanksWhat impact would a decrease in the size of the labor force have on GDP and the puce level according to the AD/AS model?
- An economic theory regarding the effect of an economic variable on another when all other factors stay constant is called _____. laissez faire Keynesian e pluribus unum Ceteris ParibusNobel-winning Keynesian economist spend (on average) an extra $ Paul Samuelson taught in his influential textbook that when a family gets an extra $1000 in income this year, this causes them to on consumer goods that same year.Illustrate each of the following situations with a graphshowing AS and AD curves, and explain what happensto the equilibrium values of the price level and aggregateoutput:a. A decrease in G with the money supply held constant bythe Fedb. A decrease in the price of oil with no change ingovernment spendingc. An increase in Z with no change in governmentspendingd. An increase in the price of oil and a decrease in G
- Explain why the neoclassical economists believethat the government does not need to do much aboutunemployment. Do you agree or disagree? Explain.An economy's apgregate demand curve isven as AD 00.6SY, With an increase in foreign income, the level of exports increases by 235 bilion what wi happen to real GDP in thes ecanomy Select one 4 Real GDP wi increase by approimatly 02 blon O Maal GOe s unatfected by changes in expos Oc GOP wi dere y prmaly on O. R GOP wil de y pproimatty on O. el GO wil ince byrimaty 71 bonL Tllustrate how the following would affect the economy equilibrium output using well labelled Keynesi an cross diagrams. e. Households experience a decline in wealth as the value of housing drops when the housing bubble bursts. f. The nation's leaders tell consumers it is their patriotic duty to save the economy by consuming more, and consumers obey.