Answer the following questions on the basis of the three sets of data for the country...
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Answer the following questions on the basis of the three sets of data for the country of North Vaudeville: (A) Price (в) (C) Real Real Price Real Price Level GDP Level GDP Level GDP 110 285 100 210 110 235 100 260 100 235 100 235 95 235 100 260 95 235 90 210 100 285 90 235 a. Which set of data illustrates aggregate supply in the immediate short-run in North Vaudeville? The data in (Click to select) v Which set of data illustrates aggregate supply in the short-run in North Vaudeville? The data in (Click to select) v Which set of data illustrates aggregate supply in the long-run in North Vaudeville? The data in (Click to select) v b. Assuming no change in hours of work, if real output per hour of work decreases by 10 percent, what real GDP in the right column of A? be the new levels of Instructions: Round your answers to two decimal places. Price level 110: New output = Price level 100: New output = Price level 95: New output = Price level 90: New output = Does the new data reflect an increase in aggregate supply or does it indicate a decrease in aggregate supply? (Click to select v Answer the following questions on the basis of the three sets of data for the country of North Vaudeville: (A) Price (в) (C) Real Real Price Real Price Level GDP Level GDP Level GDP 110 285 100 210 110 235 100 260 100 235 100 235 95 235 100 260 95 235 90 210 100 285 90 235 a. Which set of data illustrates aggregate supply in the immediate short-run in North Vaudeville? The data in (Click to select) v Which set of data illustrates aggregate supply in the short-run in North Vaudeville? The data in (Click to select) v Which set of data illustrates aggregate supply in the long-run in North Vaudeville? The data in (Click to select) v b. Assuming no change in hours of work, if real output per hour of work decreases by 10 percent, what real GDP in the right column of A? be the new levels of Instructions: Round your answers to two decimal places. Price level 110: New output = Price level 100: New output = Price level 95: New output = Price level 90: New output = Does the new data reflect an increase in aggregate supply or does it indicate a decrease in aggregate supply? (Click to select v
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A Immediate short run Column A Price is fixed Short run Co... View the full answer
Related Book For
Economics
ISBN: 978-0073375694
18th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn
Posted Date:
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