Questions from Macroeconomics

Q: If Real GDP is $487 billion in year 1 and $

If Real GDP is $487 billion in year 1 and $498 billion in year 2, what is the economic growth rate equal to?

Q: The following figure shows a business cycle. Identify each of the

The following figure shows a business cycle. Identify each of the following as a phase of the business cycle: (a) Point A (b) Between points A and B (c) Point B (d) Between points B and C (e) Poi...

Q: Suppose that at a price index of 154, the quantity demanded

Suppose that at a price index of 154, the quantity demanded of U.S. Real GDP is $10.0 trillion worth of goods. Do these data represent aggregate demand or a point on an aggregate demand curve? Explain...

Q: Diagrammatically represent the effect on the price level and Real GDP in

Diagrammatically represent the effect on the price level and Real GDP in the short-run of each of the following: (a) An increase in wealth, (b) An increase in wage rates, and (c) An increase in lab...

Q: Diagrammatically represent the following and identify the effect on Real GDP and

Diagrammatically represent the following and identify the effect on Real GDP and the price level in the short run: (a) An increase in SRAS that is greater than the increase in AD; (b) A decrease in...

Q: In the following figure, which part is representative of each of

In the following figure, which part is representative of each of the following: (a) A decrease in wage rates, (b) An increase in the price level, (c) A beneficial supply shock, and (d) An increase...

Q: In the following figure, which point is representative of:

In the following figure, which point is representative of: (a) The economy on its LRAS curve, (b) The economy in a recessionary gap, and (c) The economy in an inflationary gap?

Q: If the absolute price of good X is $10 and the

If the absolute price of good X is $10 and the absolute price of good Y is $14, then what is; (a) The relative price of good X in terms of good Y (b) The relative price of good Y in terms of good X?...

Q: Which of the following figures, (a)-(c), is

Which of the following figures, (a)-(c), is consistent with or representative of: (a) The economy operating at the natural unemployment rate, (b) A surplus in the labor market, (c) A recessionary g...

Q: Represent the following situations diagrammatically: (a) An economy

Represent the following situations diagrammatically: (a) An economy in which AD increases as the economy is self-regulating out of a recessionary gap, (b) An economy in which AD decreases as the eco...