\fQuestion 7 (1 point) Consider the aggregate economy represented by the graph below. Assume the economy is initially in equilibrium at point A. How would the equilibrium price and quantity change if businesses expect future profit to be lower? LRASI Price level SRAS GDP deflator, 2009 = 100) ADI GDP1 Real GDP (trillions of 2009 dollars) The equilibrium price would fall and the equilibrium quantity would rise. The equilibrium price and quantity would fall. The equilibrium price would rise and the equilibrium quantity would fall. The equilibrium price and quantity would rise. The equilibrium price and quantity would remain unchanged. Question 8 (1 point) Consider the aggregate economy represented by the graph below. Assume the economy is initially in equilibrium at point A. How would the equilibrium price and quantity change if households expect future income to be lower? MacBook AirQuestion 9 (1 point) Suppose the price level for an economy changes from a CPI value of 206 to a CPI value of 227. What is the rate of price inflation? Provide your answer as a percent rounded to two decimal places. Do not include any symbols, such as "$," "=," "%," or "," in your answer. Your Answer: Answer Question 10 (1 point) Suppose potential GDP for an economy changes from $18.5 trillion to $21.9 trillion. What is the rate of growth in potential GDP? Provide your answer as a percent rounded to two decimal places. Do not include any symbols, such as "$," "m," "%," or "," in your answer. Your Answer: Answer Question 11 (1 point) Suppose real GDP for an economy changes from $17.5 trillion to $20.1 trillion. What is the rate of growth in real GDP? Provide your answer as a percent rounded to two decimal places. Do not include any symbols, such as S, "%," or ", in your answer. Your Answer: Answer Question 12 /1 mint MacBook AirQuestion 14 (1 point) Consider the aggregate economy for the United States in 1929 and 1930, represented by the graph below. What is the rate of growth in potential GDP, if any? Provide your answer as a percent rounded to two decimal places. Use a negative sign "-" for negative changes. Do not include any symbols, such as "$," "-," "*," or "," in your answer. L.RAS1929 SRASIS30 LRAS1950 Price level GDP deflator. 2009 - 100) 10.6 10.2 965.8 1095.6 1006. 1094. Real GDP (billions of 2009 dollars) MacBook Air\fQuestion 1 (1 point) Consider the aggregate economy represented by the figure below. How would this figure change if households expected future income to fall? LRAS, Price level SRAS (GDP deflator. 2009 - 100) GDP Real GDP (trillions of 2009 dollars) The aggregate demand curve would shift to the right. The long-run aggregate supply curve would shift to the right. The long-run aggregate supply curve would shift to the left. The aggregate demand curve would shift to the left. The short-run aggregate supply curve would shift to the left. The short-run aggregate supply curve would shift to the right. Question 2 (1 point) Consider the aggregate economy represented by the figure below. How would this figure be affected if changes in currency exchange rates make a country's exports MacBook AirQuestion 8 (1 point) Consider the aggregate economy represented by the graph below. Assume the economy is initially in equilibrium at point A. How would the equilibrium price and quantity change if households expect future income to be lower? LRASI Price level SRASI (GDP deflator. 2009 -100) GDP1 Real GDP (trillions of 2009 dollars) The equilibrium price would fall and the equilibrium quantity would rise. The equilibrium price and quantity would remain unchanged. The equilibrium price would rise and the equilibrium quantity would fall. The equilibrium price and quantity would fall. The equilibrium price and quantity would rise. Question 9 (1 point) Suppose the price level for an economy changes from a CPI value of 206 to a CPI value of 227. What is the rate of price inflation? Provide your answer as a percent rounded to two decimal places. Do not include any symbols, such as "S," "=," "%," or "," in your answer. MacBook AirQuestion 5 (1 point) Consider the aggregate economy represented by the graph below. Assume the economy is initially in equilibrium at point A. How would the equilibrium price and quantity change if changes in currency exchange rates make exports cheaper? LRASI Price level SRASI GDP deflator, 2009 = 100) GDP, Real GDP (trillions of 2009 dollars) The equilibrium price would fall and the equilibrium quantity would rise. The equilibrium price and quantity would fall. The equilibrium price would rise and the equilibrium quantity would fall. The equilibrium price and quantity would remain unchanged. The equilibrium price and quantity would rise. Question 6 (1 point) Consider the aggregate economy represented by the graph below. Assume the economy is initially in equilibrium at point A. How would the equilibrium price and quantity change if future prices are expected to fall? MacBook AirYour Answer: Answer Question 15 (1 point) Consider the aggregate economy for the United States in 1929 and 1930, represented by the graph below. What is the rate of growth in real GDP, if any? Provide your answer as a percent rounded to two decimal places. Use a negative sign "-" for negative changes. Do not include any symbols, such as "$," "-," "%," or "," in your answer. LRAS1929 SR.AS1930 LRAS1930 Price level "SRAS1939 (GDP deflator, 2009 - 100) 10.2 ADIpan 965.8 1005.0 1006.3 1094.1 Real GDP (billions of 2009 dollars) MacBook Air\fQuestion 6 (1 point) Consider the aggregate economy represented by the graph below. Assume the economy is initially in equilibrium at point A. How would the equilibrium price and quantity change if future prices are expected to fall? LRASI Price level SRASI (GDP deflator. 2009 - 100) AD GDPI Real GDP (trillions of 2009 dollars) The equilibrium price and quantity would fall. The equilibrium price would fall and the equilibrium quantity would rise. The equilibrium price would rise and the equilibrium quantity would fall. The equilibrium price and quantity would remain unchanged. The equilibrium price and quantity would rise. Question 7 (1 point) Consider the aggregate economy represented by the graph below. Assume the economy is initially in equilibrium at point A. How would the equilibrium price and quantity change if businesses expect future profit to be lower? MacBook Air\fQuestion 13 (1 point) Consider the aggregate economy for the United States In 1929 and 1930, represented by the graph below. In which year is the unemployment rate higher? LRAS1029 SRAS1930 LRAS 1910 Price level "SRAS 1929 (GDP deflator. 2009 - 100) 10.6 10.2 AD 1930 A D1929 965.8 1005.6 1006.3 1094.1 Real GDP (billions of 2009 dollars) It cannot be determined from the graph the year in which the unemployment rate is higher. The unemployment rate is higher in 1930. The unemployment rate is higher in 1929. The unemployment rate is equal in the two years. Question 14 (1 point) Consider the aggregate economy for the United States in 1929 and 1930, represented by the graph below. What is the rate of growth in potential GDP, if any? Provide your answer as a percent rounded to two decimal places. Use a negative sign "-"for negative changes. Do not include any symbols, such as "S," "=," "%," or "," in your answer. MacBook AirQuestion 12 (1 point) Consider the aggregate economy for the United States in 1929 and 1930, represented by the graph below. What is the rate of price inflation, if any? Provide your answer as a percent rounded to two decimal places. Use a negative sign "-" for negative changes. Do not include any symbols, such as "S," "-," "%," or "," in your answer. LRA$1929 SR.ASIs30 LRAS1930 Price level (GDP deflator, 2009 - 100) 10.6 10.2 965.8 1005.6 1006.5 1094. 1 Real GDP (billions of 2009 dollars) MacBook Air