Use the table above to answer the following questions. a) What is the value of real GDP and price level at the long run macroeconomic equilibrium? b) What is the value of real GDP and price level at the short run macroeconomic equilibrium? c) Is the short-run macroeconomic equilibrium a full-employment equilibrium, below full- employment equilibrium, or above full-employment equilibrium? d) How will this economy return to its long run equilibrium? Explain using self-correcting mechanism.

Use the table above to answer the following questions. a) What is the value of real GDP and price level at the long run macroeconomic equilibrium? b) What is the value of real GDP and price level at the short run macroeconomic equilibrium? c) Is the short-run macroeconomic equilibrium a full-employment equilibrium, below full- employment equilibrium, or above full-employment equilibrium? d) How will this economy return to its long run equilibrium? Explain using self-correcting mechanism.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter23: The International Trade And Capital Flows

Section: Chapter Questions

Problem 16SCQ: Both the United States and global economies are booming. Will U.S. imports and/or exports increase?

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