ECN 204 Lecture Notes - Lecture 1: Real Gross Domestic Product, Real Interest Rate, Progressive Tax

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coralprairie-dog667

20 Apr 2016

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Chapter 7: suppose the total monetary value of all final goods and services produced in a particular country in 2008 is billion and the total monetary value of final goods and services sold is billion. What is gdp in this economy: ,250 billion, ,263 billion, ,237 billion, ,290 billion, gdp in an economy is ,600 billion. Consumer expenditures are ,500 billion, government purchases are billion, and gross private domestic investment is billion. Chapter 9: a nation has a population of 30 million people. Of these, 8 million are retired, in the military, in institutions, or under 15 years old. There are 21 million who are employed and 1 million who are unemployed. Kevin plans to go to technical school to learn how to repair microcomputers. Suppose, also, that the net additional revenue resulting from buying this tool is expected to be ,000. The government wants to reduce consumption by billion to reduce inflationary pressure.

Related Questions

suppose that table shows economy's relationship between real output and the input needed to produce that output
a. what is productivity
b. what is per unit cost of production if the price of each unit is $2
c.assume that the price increases from $2-$3 with no change in productivity. What is new per unit cost of prod?In what direction would be $1 increase in input price push the economy's agg supply curve? what effect would shift of agg supply have on the price level and level of real output?
d. suppose that increase in input price does not occur but instead the productivity increases by 100 %. What would be new cost per unit of production?What effect would it have on agg supply curve?and the price level andreal output?

Input quantity Real GDP
150.0 $400
112.5 300
75.0 200

If the economy is operating in the intermediate range of the aggregate supply curve and if aggregate demand increases due to an increase in net exports, then the price level, output, and the unemployment rate are most likely to change in which of the following ways?

A) price level increase, output increase, unemployment rate increase

B) price level increase, output increase, unemployment rate decrease

C) price level increase, output decrease, unemployment rate increase

D) price level increase, output decrease, the unemployment rate decrease

E) price level decrease, output decrease, unemployment rate increase

sapphireminnow251

1. Suppose that the aggregate demand and supply schedules for a hypothetical economy are as shown below:

Use these sets of data to graph the aggregate demand and aggregate supply curves.

A. What is the equilibrium price level and the equilibrium level of real output in this hypothetical economy? Is the equilibrium real output also necessarily the full-employment real output?

B. Explain. Why will a price level of 150 not be an equilibrium price level in this economy? Why not 250?

C. Suppose that buyers desire to purchase $200 billion of extra real output at each price level. Sketch in the new aggregate demand curve as AD1. What factors might cause this change in aggregate demand? What are the new equilibrium price level and level of real output?

violetsardine220

ECN 204 Lecture Notes - Lecture 1: Real Gross Domestic Product, Real Interest Rate, Progressive Tax

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