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- For each of the three theories for the upward slopeof the short-run aggregate.supply curve, carefullyexplain the following:aA how the econom}' recovers from a recession andreturns to its long-run equilibrium without anypolicy interventionb. what determines the speed of that recoveryOn a microeconomic demand curve, a decrease in price causes an increase in quantity demanded because the product in question is now relatively less expensive thansubstituteproducts.Explainwhyaggregatedemand does not increase for the same reason in response to a decrease in the aggregate price level. In other words, whatcausestotalspendingtoincreaseifitisnotbecause goods are now cheaper?Exercise D25 What role does government play in stabilizing the economy and what are the tradeoffs that must be considered?
- the web... a 4 ng .. Search OA https://pohs2122.mstarlsp.com/mod/Iti/view.php?id%3D17443 All changes sav 1. Who influenced President Franklin Roosevelt in adopting expansive New Deal programs to combat The Great Depression? Smith Keynes O Friedman Ricardo SAVE & EXIT SUBMIT ALL ANSI Jump to. Lesson: Fundamentals of Den Lesson: Great Economic Think... OWhen there is a shockto the economy and GDP declines, how much of the decline is due to a changein potential output and how much to a change in short-run output?Use the graph to answer the question Suppose the economy starts in the long-run equilibrium A. If a change in immigration policies causes more people to mo to the United States, in the long-run, we expect the economy to move from point A to point OJ OA OC OG P O LRAS > 12 B SRASC C ADC SRASA SRASS AD RGDP AD
- 4Consider a baseline long run equilibrium where output is 22 trillion dollars, and the price level is 100. Note: In the Long Run Steady State Equilibrium, Price expectation is the same as price level & unemployment is 5% or lower. None of these are guaranteed in the short run. Usually, short run equilibrium is called an underemployment equilibrium.Starting from the baseline, suppose COVID 19 hits this economy. If this disease only makes workers sick (everything else remaining constant) A Keynesian Macroeconomist proposes the use of a massive expansionary fiscal policy. Step 1) What will be the shape of the Phillips Curve (Upward / Downward/ Vertical/Horizontal). I want you to think about what variable is measured on the horizontal axis of the Phillips Curve Graph and what variable is measured in the Phillips Curve Vertical axis. Then tell us what it means to say that Phillips Curve is upward or downward sloping or vertical or horizontal Step 2) why did this policy create a…Suppose the economy of the hypothetical country “X” is currently in equilibrium at point A on thegraph. There were two major shocks to the economy in 2020.First shock was related to oil prices; the other was related to consumer confidence about futurebusiness conditions. Oil Shock: The economy X faced a rise in the average price of oil along with the rise of world price ofoil.E) Would an increase in oil prices cause a demand shock or a supply shock? Redraw the diagram toillustrate the effect of this shock by shifting the appropriate curve. What happens to theAggregate output and price level after the shock? (3)F) If policymakers wish to prevent the equilibrium output from changing in response to the oilprice increase, should they use contractionary or expansionary fiscal policy? (Redraw the graphfrom part E and show the change) (4)G) Even if the economy moves back to original Aggregate output, will there be any drawback? (1)Consumer Confidence Index: The Consumer Confidence Index…Assume that a Cob-Dougls production functionis a god representaion of the economy, the substitution efecti stronger than the income efect an tht the economy was intaly at quirum. Suppose that Congress pases alaw that requires al orersto retre at g 72, nstead of 6. Hthe wage is fexble, what il happent uirium outpu? The equilbrium output level wi ncrease OThe euirium outut eve wil derese ( The equilibrium output level will emain constant Not enough information i gven to detemine the answer
- AGE MINDTAP uiz Chapter#1 t: Review Quiz Chapter#1 自。 stions tulet10r.01.044 Macroeconomics deals with the analysis of all of the following questions except: a. how does Microsoft price its software packages. O b. why do national economies grow. O c. why does a country experience recessions. O d. how does a central bank influence inflàtion. Questions Navigation Menu O- Icon Key JAN 30 étv ARI N MacBook Airbefoe y ee nd My a PRAS P feyr Output Reset In 6-2 we studied how unantioipated infation might affect the supply of goods and services in the economy and construced the shon-un aggregate supply ourve The interactive above shows how the SRAS curve changes at different levels of price fexibility. R is helptu in anowering the tulowing questions According to the SRAS curve, f prices are prefecty fexible O Unexpected changes in the price level wil have a large effect on output. O Unexpected changes in the price level will have no etfect on output O Unexpected changes in tme price level will have some etfect on output O None of these Inflation rateStartung trom keng run eaillium, itA suditen decrease en houtetd weath cnes a n AD thw coramy wiperience OA the same lee of pnces nd iower real GOP in the short run O higher pnces and lower real ODP the short. nn Oe. lower prles and lwe mal GOPhe shortrun a krwer ces and the same level of oDP n me shot run
