Suppose the economy produces real GDP of $45 billion when unemployment is at its natural rate. Use the purple points (diamond symbols) to plot the economy's long-run aggregate supply (LRAS) curve on the graph. PRICE LEVEL 132 128 124 120 116 112 108 104 100 0 10 20 30 40 50 60 70 80 REAL GDP (Billions of dollars) LRAS Help Clear All n the table, determine how each event affects the position of the long-run aggregate supply (LRAS) curve. Note: While economic growth generally shifts the LRAS curve to the right, some circumstances can shift it to the left. Event scientific breakthrough significantly increases food production per acre of farmland. government-sponsored training program increases the skill level of the workforce. he government allows more immigration of working-age adults. LRAS Curve Shifts to the... Right Left 4
Suppose the economy produces real GDP of $45 billion when unemployment is at its natural rate. Use the purple points (diamond symbols) to plot the economy's long-run aggregate supply (LRAS) curve on the graph. PRICE LEVEL 132 128 124 120 116 112 108 104 100 0 10 20 30 40 50 60 70 80 REAL GDP (Billions of dollars) LRAS Help Clear All n the table, determine how each event affects the position of the long-run aggregate supply (LRAS) curve. Note: While economic growth generally shifts the LRAS curve to the right, some circumstances can shift it to the left. Event scientific breakthrough significantly increases food production per acre of farmland. government-sponsored training program increases the skill level of the workforce. he government allows more immigration of working-age adults. LRAS Curve Shifts to the... Right Left 4
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter9: An Introduction To Basic Macroeconomic Markets
Section: Chapter Questions
Problem 15CQ
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