Question
In: Economics
the aggregate supply (AS) curve 1. In the 1990s, the technology revolution caused the wide-spread use...
the aggregate supply (AS) curve
1. In the 1990s, the technology revolution caused the wide-spread use of information technology in all areas of production, thus improving productivity and lowering costs; illustrate the effect of this by shifting the aggregate supply (AS) curve in the appropriate direction.
2. Suppose that a new labor law increases the minimum required number of paid vacation days for all full-time employees; illustrate the effect of this by shifting the aggregate supply (AS) curve in the appropriate direction.
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
ESSAY 1. Draw the Phillips curve. Use the model of aggregate demand and aggregate supply to...
ESSAY
1. Draw the Phillips curve. Use the model of
aggregate demand and aggregate supply to show how policy can move
the economy from a point on this curve with high inflation to a
point with low inflation.
2. Does inflation and unemployment would be related in the long
run? Give your explanation and draw the graph.
3. Suppose there is a tornado in western Oklahoma, causing a
supply shock for wheat. What will happen in aggregate demand and
aggergate...
1. The aggregate supply curve shows the relationship between the aggregate price level and the aggregate:...
1. The aggregate supply curve shows the relationship between the
aggregate price level and the aggregate:
output supplied.
money supply.
unemployment rate.
employment.
2. The short-run aggregate supply curve shows:
the price level at which real output will be consumed.
the price level at which real output will be in equilibrium.
the positive relationship between the aggregate price level and
aggregate output supplied.
the negative relationship between the aggregate price level and
aggregate output supplied.
3. A change in _____...
if the short run aggregate supply curve intersects the aggregate demand curve to the right of...
if
the short run aggregate supply curve intersects the aggregate
demand curve to the right of potential GDP wages will rise?
if the short run aggregate supply curve intersects the aggregate demand curve to the right of...
if
the short run aggregate supply curve intersects the aggregate
demand curve to the right of potential GDP wages will rise?
1) For a fixed aggregate demand curve, an increase in long run aggregate supply will decrease...
1) For a fixed aggregate demand curve, an increase in long run
aggregate supply will decrease prices.
True
False
2)
An attempt to reduce current budget deficits could shift the
aggregate demand curve left and cause a recession.
True
False
3)
Contractionary fiscal policy is politically popular.
False
True
4)
If aggregate demand increases for a given AS curve, prices will
decrease
False
True
5)
Republicans love using fiscal policy to stabilize the
economy.
False
True
1) Draw a generic Aggregate Supply and Aggregate Demand curve on a set of axes. Label...
1) Draw a generic Aggregate Supply and Aggregate Demand curve on
a set of axes. Label vertical and horizontal axis appropriately and
indicate where the macroeconomic equilibrium is.
2) Then, find a current events article that discusses some
macroeconomic even that will affect either AS or AD. Represent this
effect using a rightward or leftward shift as appropriate.
3) Use your model to interpret the effect of the event from your
article or scenario on the price level, output, input,...
1. Explain why the Aggregate Supply curve is upward sloping?
1. Explain why the Aggregate Supply curve is upward sloping?
3) Aggregate supply, Aggregate Demand (Use graphs for all your answers) a) Derive the AD curve...
3) Aggregate supply, Aggregate Demand (Use graphs for all your
answers)
a) Derive the AD curve from the IS-LM model.
b) Discuss what affects the slope of the short-run AS and how.
Page 3 of 3
c) In the AS-AD model how does a tax cut affect the natural rate
of output, the output level, and the level of prices? (Explain both
cases of a long-run and a short-run AS curve).
d) Discuss the notion of the crowding-out of private...
Consider an aggregate supply curve described by MC =5 + Q and an aggregate demand curve...
Consider an aggregate supply curve described by MC =5 + Q and an
aggregate demand curve described by MWTP = 20 –2 Q.
2a. What is the consumer surplus in the market
equilibrium?
2b. What is the producer surplus in the market
equilibrium?
Consider an aggregate supply curve described by MC =5 + Q and an aggregate demand curve...
Consider an aggregate supply curve described by MC =5 + Q and an
aggregate demand curve described by MWTP = 20 –2 Q. In addition,
there is a negative externality of E = 3 per unit of
production.
4a. What is the unregulated market equilibrium
quantity?
4b. What is the socially efficient quantity?
4c. What are the total social net benefits of producing the
market quantity?
4d. What are the total social net benefits of producing the
socially efficient quantity?
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