Suppose that I am spending $6,000 every month, but now I suppose to save $2,000 every...

Suppose that I am spending $6,000 every month, but now I suppose to save $2,000 every month and only spend $4,000. According to the classical economists, how will this decision to save affect my country’s RGDP?
1. RGDP will increase
2. RGDP will decrease
3. RGDP will not change

Suppose that the current wage rate in a market is $14 per hour and the equilibrium wage rate is $12. Given this information, we can assume that…
1. The quantity of labor supplied will exceed the quantity of labor demanded.
2. The quantity of labor demanded will exceed the quantity of labor supplied.
3. The quantity of labor supplied will equal the quantity of labor demanded.

Draw a Classical Economic Model that is operating at the long-run equilibrium. In the short run, what will most likely happen to CPI if the AD curve shifts right?
1. CPI will increase
2. CPI will decrease
3. CPI will stay the same

Draw a Classical Economic Model that is operating at the long-run equilibrium. In the long run what will most likely happen to CPI if the AD curve shifts right?
1. CPI will continue to increase
2. CPI will continue to decrease
3. CPI will return to its original level

Expert Solution

Rahul Sunny answered 2 years ago

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