Macroeconomics
13th Edition
ISBN: 9780134744452
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 10, Problem 10APA
To determine
Identify the effect of an event on the quantity of real GSP supplies, short-run
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When does macroeconomic equilibrium occur?
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When exports equal imports.
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When the aggregate demand equals the long-run Aggregate Supply.
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What kind of change would happen to aggregate demand, aggregate supply, and real GDP. if foreign countries purchase an unusually large number of U. S. manufactured passenger and military airplanes.
Draw Aggregate Demand, Short Run Aggregate Supply, and Long Run Aggregate Supply as if an economy is in both short run and long run equilibrium.
Chapter 10 Solutions
Macroeconomics
Ch. 10.1 - Prob. 1RQCh. 10.1 - Prob. 2RQCh. 10.1 - Prob. 3RQCh. 10.1 - Prob. 4RQCh. 10.2 - Prob. 1RQCh. 10.2 - Prob. 2RQCh. 10.2 - Prob. 3RQCh. 10.3 - Prob. 1RQCh. 10.3 - Prob. 2RQCh. 10.3 - Prob. 3RQ
Ch. 10.3 - Prob. 4RQCh. 10.4 - Prob. 1RQCh. 10.4 - Prob. 2RQCh. 10.4 - Prob. 3RQCh. 10 - Prob. 1SPACh. 10 - Prob. 2SPACh. 10 - Prob. 3SPACh. 10 - Prob. 4SPACh. 10 - Prob. 5SPACh. 10 - Prob. 6SPACh. 10 - Prob. 7SPACh. 10 - Prob. 8SPACh. 10 - Prob. 9SPACh. 10 - Prob. 10APACh. 10 - Prob. 11APACh. 10 - Prob. 12APACh. 10 - Prob. 13APACh. 10 - Prob. 14APACh. 10 - Prob. 15APACh. 10 - Prob. 16APACh. 10 - Prob. 17APACh. 10 - Prob. 18APACh. 10 - Prob. 19APACh. 10 - Prob. 20APACh. 10 - Prob. 21APACh. 10 - Prob. 22APACh. 10 - Prob. 23APACh. 10 - Prob. 24APACh. 10 - Prob. 25APACh. 10 - Prob. 26APA
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- The following events have occurred in the history of the United States: A deep recession hits the world economy. The world oil price rises sharply. S. businesses expect future profits to fall. Explain for each event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.arrow_forwardom the information provided, determine whether you are given an Aggregate Supply or Aggregate Demand Schedule and, if Aggregate Supply, the me frame associated with the price level and output. HINT: You may want to plot out the points on a graph. Price Level Output (in billions) $565 561 558 555 550 124 123 122 121 120arrow_forwardThe graph shows a short-run aggregate supply curve. Please move the endpoints to turn the curve into a long-run aggregate supply curve. Real GDP Long-run aggregate supply has this characteristic because the federal government makes up the difference between GDP and potential output. the ability of the economy to produce determines long-run output. This ability is independent of price levels. consumers adjust their decisions based on average price. Average price levelarrow_forward
- How do people typically respond to higher real interest rates? by saving less by paying more taxes by saving more by consuming morearrow_forwardDraw the aggregate demand, short run aggregate supply and the long run aggregate supply.arrow_forwardWhich of the following shifts the long-run aggregate supply curve to the left? Either an increase in the price of imported natural resources or a reduction in the college-educated workforce. Neither an increase in the price of imported natural resources nor a reduction in the college-educated workforce. An increase in the price of imported natural resources and an increase in the college-educated workforce. Both an increase in the price of imported natural resources and an increase in technological progress.arrow_forward
- A ship gets stuck in the Suez Canal that shuts down shipping lanes. If we start in equilibrium, what happens? Aggregate demand to shift left. Short-run aggregate supply to shift right. Short-run aggregate supply to shift left. Aggregate demand to shift right.arrow_forwardSuppose firms become very pessimistic about future business conditions and significantly reduce investment spending. Show the short-run effect of this pessimism on the aggregate-demand curve. Price Level LRAS Aggregate Supply * Aggregate Demand Quantity of Output Aggregate Demand Aggregate Supply LRASarrow_forwardWhich of these would shift the short-run aggregate supply curve but not have any impact on the long-run aggregate supply curve? an increase in the land area of a country an increase in the price level faced by consumers in a country an increase in technology an increase in market concentration in many industriesarrow_forward
- A new batch of college graduates enter the workforce boosting the labor productivity of corporate America. Illustrate what occurs to the aggregate supply curve by shifting it in the appropriate direction. Provide your answer below: Price Level RESET Price Level Aggregate Supply Provide your answer below: A new batch of college graduates enter the workforce boosting the labor productivity of corporate America. Illustrate what occurs to the aggregate supply curve by shifting it in the appropriate direction. RESET Aggregate Demand Aggregate Supply Real GDP Aggregate Demand Real GDParrow_forwardWhich of the following would cause the aggregate supply curve to decrease? better equipment and increasing output throughout the economy. a tax cut to businesses. an increase in investor confidence leads to more investment. a rapid increase in energy prices throughout the country.arrow_forward
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