Describe three types of short-run macroeconomic equilibrium. A macroeconomic equilibrium in which real GDP equals potential GDP is And one in which real GDP exceeds potential GDP is equilibrium A. a full-employment; an above full-employment OB. an above full-employment, a full-employment OC. an above full-employment, an inflationary OD. a full-employment, a recessionary equilibrium The graph shows an economy's long-run aggregate supply curve. The economy is at a below full-employment equilibrium. Draw an aggregate demand curve and a short-run aggregate supply curve. Label them. Draw a point at the short-run equilibrium. 150- 140 130- 120+ 110 100- 90+ Price level (GDP deflator, 2007-100) LAS 1.5 1.8 1.6 1.7 Real GDP (trillions of 2007 dollars) >>> Draw only the objects specified in the question. Q Q G 1.9 20 21
Describe three types of short-run macroeconomic equilibrium. A macroeconomic equilibrium in which real GDP equals potential GDP is And one in which real GDP exceeds potential GDP is equilibrium A. a full-employment; an above full-employment OB. an above full-employment, a full-employment OC. an above full-employment, an inflationary OD. a full-employment, a recessionary equilibrium The graph shows an economy's long-run aggregate supply curve. The economy is at a below full-employment equilibrium. Draw an aggregate demand curve and a short-run aggregate supply curve. Label them. Draw a point at the short-run equilibrium. 150- 140 130- 120+ 110 100- 90+ Price level (GDP deflator, 2007-100) LAS 1.5 1.8 1.6 1.7 Real GDP (trillions of 2007 dollars) >>> Draw only the objects specified in the question. Q Q G 1.9 20 21
Chapter11: Managing Aggregate Demand: Fiscal Policy
Section: Chapter Questions
Problem 2TY
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![Describe three types of short-run macroeconomic equilibrium.
A macroeconomic equilibrium in which real GDP equals potential GDP is
And one in which real GDP exceeds potential GDP is equilibrium.
A. a full-employment; an above full-employment
OB. an above full-employment; a full-employment
OC. an above full-employment; an inflationary
OD. a full-employment; a recessionary
equilibrium.
The graph shows an economy's long-run aggregate supply curve.
The economy is at a below full-employment equilibrium
Draw an aggregate demand curve and a short-run aggregate supply curve. Label them.
Draw a point at the short-run equilibrium.
150
140-
130-
120-
110-
100
90+
Price level (GDP deflator, 2007=100)
1.5
LAS
2.1
Q
Q
1.8 1.9 2.0
1.6 1.7
Real GDP (trillions of 2007 dollars)
>>> Draw only the objects specified in the question.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd931d8f8-aefa-43cb-93a4-cdea2af9ca00%2F4ca1828e-ec7e-4456-8061-ba02f74822df%2F1ycyhf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Describe three types of short-run macroeconomic equilibrium.
A macroeconomic equilibrium in which real GDP equals potential GDP is
And one in which real GDP exceeds potential GDP is equilibrium.
A. a full-employment; an above full-employment
OB. an above full-employment; a full-employment
OC. an above full-employment; an inflationary
OD. a full-employment; a recessionary
equilibrium.
The graph shows an economy's long-run aggregate supply curve.
The economy is at a below full-employment equilibrium
Draw an aggregate demand curve and a short-run aggregate supply curve. Label them.
Draw a point at the short-run equilibrium.
150
140-
130-
120-
110-
100
90+
Price level (GDP deflator, 2007=100)
1.5
LAS
2.1
Q
Q
1.8 1.9 2.0
1.6 1.7
Real GDP (trillions of 2007 dollars)
>>> Draw only the objects specified in the question.
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