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ECON-1012-B-Introduction to Macroeconomics

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Table 10.3.2

The three columns of the table are titled Price level (2012 = 100), and real GDP demanded and real GDP supplied in trillions of 2012 dollars. The rows display the data as follows: 140; 4; 8130; 5; 7120; 6; 6110; 7; 5100; 8; 4

Refer to Table 10.3.2, which shows the aggregate demand and aggregate supply schedules. Potential GDP is $7 trillion. With no change in monetary policy and fiscal policy, which of the following events will occur in the long run?
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An economy is at full employment when firms adopt new technology. Which of the following occurs as a result of an advance in technology?
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Why is the long-run aggregate supply curve vertical?
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An economy's price level rises and real GDP decreases. Which of the following events is a possible source of the changes?
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Which of the following events shifts the AE curve and also the AD curve?
  1. a decrease in investment
  2. a change in the price level
  3. an increase in exports
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An economy is at full employment when government expenditure increases by $10 billion. In the long run, which of the following events occurs?
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Assume that the Canadian economy is at long-run equilibrium. If the Canadian government increases its expenditure on goods and services, what happens in Canada's economy in the short run?
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Short Description: A line graph of price level versus real G D P. Long Description: The vertical axis is labelled, price level (G D P deflator, 20 12 = 100) and ranges from 60 to 110 in increments of 10 with a kink near the origin. The horizontal axis is labelled, real G D P (billions of 20 12 dollars) and ranges from 450 to 700 in increments of 50 with a kink near the origin. The line for S A S is a concave up curve that slopes upward from the lower left corner to the upper right corner passing through the points (475, 60), (550, 70), and (600, 80). The line for A D slopes downward from the upper left corner to the lower right corner, passing through the points (550, 90), (600, 80), and (650, 70). The line for L A S is a vertical line from the point (550, 0) on the horizontal axis passing through the points (550, 70) and (550, 90).

Figure 10.3.2

Refer to Figure 10.3.2, which shows the AS-AD model. When an economy is in short-run macroeconomic equilibrium, what is the price level?
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Short Description: A graph of price level versus real G D P. Long Description: The vertical axis is labelled, price level (G D P deflator, 20 12 = 100) and ranges from 60 to 110 in increments of 10 with a kink near the origin. The horizontal axis is labelled, real G D P (billions of 20 12 dollars) and ranges from 320 to 520 in increments of 40 with a kink near the origin. The line for S A S slopes upward from the lower left corner to the upper right corner passing through the points (340, 70) and (400, 85). The line for A D slopes downward from the upper left corner to the lower right corner, passing through the points (360, 100), (400, 85), and (440, 70). The line for L A S is a vertical line from the point (440, 0) on the horizontal axis passing through the point (440, 70).

Figure 10.3.1

Refer to Figure 10.3.1, which shows the AS-AD model. What is short-run macroeconomic equilibrium real GDP?
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Suppose the multiplier is 2, and the short-run aggregate supply curve is positively sloped. If investment decreases by $15 billion, how does equilibrium real GDP change in the short run?
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