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Describe three types of short-run macroeconomic equilibrium. A macroeconomic equilibrium in which real GDP exceeds potential GDP is equilibrium. And one in which real GDP is less than potential GDP is A. an above full-employment; a recessionary B. a below full-employment; an inflationary C. an above full-employment; a below full-employment D. a below full-employment; an above full-employment equilibrium. The graph shows an economy's long-run aggregate supply curve. The economy is at a 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, 2009=100) LAS 15.5 17.5 18.5 16.5 19.5 Real GDP (trillions of 2009 dollars) >>> Draw only the objects specified in the question. 20.5

Describe three types of short-run macroeconomic equilibrium. A macroeconomic equilibrium in which real GDP exceeds potential GDP is equilibrium. And one in which real GDP is less than potential GDP is A. an above full-employment; a recessionary B. a below full-employment; an inflationary C. an above full-employment; a below full-employment D. a below full-employment; an above full-employment equilibrium. The graph shows an economy's long-run aggregate supply curve. The economy is at a 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, 2009=100) LAS 15.5 17.5 18.5 16.5 19.5 Real GDP (trillions of 2009 dollars) >>> Draw only the objects specified in the question. 20.5

Macroeconomics: Principles and Policy (MindTap Course List)
Macroeconomics: Principles and Policy (MindTap Course List)
13th Edition
ISBN:9781305280601
Author:William J. Baumol, Alan S. Blinder
Publisher:William J. Baumol, Alan S. Blinder
Chapter10: Bringing In The Supply Side: Unemployment And Inflation?
Section: Chapter Questions
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Describe three types of short-run macroeconomic equilibrium. A macroeconomic equilibrium in which real GDP exceeds potential GDP is equilibrium. And one in which real GDP is less than potential GDP is A. an above full-employment; a recessionary B. a below full-employment; an inflationary C. an above full-employment; a below full-employment D. a below full-employment; an above full-employment equilibrium. The graph shows an economy's long-run aggregate supply curve. The economy is at a 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- Price level (GDP deflator, 2009=100) 90+ LAS 15.5 17.5 18.5 16.5 19.5 Real GDP (trillions of 2009 dollars) >>> Draw only the objects specified in the question. Q 20.5
Transcribed Image Text:Describe three types of short-run macroeconomic equilibrium. A macroeconomic equilibrium in which real GDP exceeds potential GDP is equilibrium. And one in which real GDP is less than potential GDP is A. an above full-employment; a recessionary B. a below full-employment; an inflationary C. an above full-employment; a below full-employment D. a below full-employment; an above full-employment equilibrium. The graph shows an economy's long-run aggregate supply curve. The economy is at a 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- Price level (GDP deflator, 2009=100) 90+ LAS 15.5 17.5 18.5 16.5 19.5 Real GDP (trillions of 2009 dollars) >>> Draw only the objects specified in the question. Q 20.5
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