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ECON-1012-B-Introduction to Macroeconomics

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Which of the following situations arises when an economy is operating on its long-run aggregate supply curve?
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Short Description: A set of four graph of price level versus real G D P. Long Description: The vertical axis of each graph is labelled, price level and the horizontal axis is labelled, real G D P. The graph are as follows.(a) The line for S A S0 slopes upward from the lower left corner to the upper right corner. The line for S A S1 slopes upward from the lower left corner to the upper right corner parallel to the line for S A S0 on the bottom. The line for A D0 slopes downward from the upper left corner to the lower right corner, intersecting the lines for S A S0 and S A S1.(b) The line for S A S0 slopes upward from the lower left corner to the upper right corner. The line for S A S1 slopes upward from the lower left corner to the upper right corner parallel to the line for S A S0 on the top. The line for A D0 slopes downward from the upper left corner to the lower right corner, intersecting the lines for S A S0 and S A S1.(c) The line for A D0 slopes down from the upper left corner to the lower right corner. The line for A D1 slopes downward from the upper left corner to the lower right corner parallel to the line for A D0 on the right. The line for S A S0 slopes upward from the lower left corner to the upper right corner, intersecting the lines for A D0 and A D1.(d) The line for A D0 slopes down from the upper left corner to the lower right corner. The line for A D1 slopes downward from the upper left corner to the lower right corner parallel to the line for A D0 on the right. The line for S A S0 slopes upward from the lower left corner to the upper right corner, intersecting the lines for A D0 and A D1.

Figure 10.2.1

Refer to Figure 10.2.1, which shows possible changes in aggregate supply and aggregate demand. Which graph illustrates the effect of an increase in expected future income?
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If Toyota and Honda build additional plants in Canada, which of the following events occurs?

This event ________ short-run aggregate supply and ________ long-run aggregate supply.
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Short Description: A graph of price level versus real G D P. Long Description: The vertical axis is labelled, price level (G D P deflator, 20 12 = 100) and ranges from 60 to 110 in increments of 10 with a kink near the origin. The horizontal axis is labelled, real G D P (billions of 20 12 dollars) and ranges from 320 to 520 in increments of 40 with a kink near the origin. The line for S A S slopes upward from the lower left corner to the upper right corner passing through the points (340, 70) and (400, 85). The line for A D slopes downward from the upper left corner to the lower right corner, passing through the points (360, 100), (400, 85), and (440, 70). The line for L A S is a vertical line from the point (440, 0) on the horizontal axis passing through the point (440, 70).

Figure 10.3.1

Refer to Figure 10.3.1, which shows the AS-AD model. When this economy is in short-run macroeconomic equilibrium, what is the price level?
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Short Description: A line graph of price level versus real G D P. Long Description: The vertical axis is labelled, price level (G D P deflator, 20 12 = 100) and ranges from 60 to 110 in increments of 10 with a kink near the origin. The horizontal axis is labelled, real G D P (billions of 20 12 dollars) and ranges from 450 to 700 in increments of 50 with a kink near the origin. The line for S A S is a concave up curve that slopes upward from the lower left corner to the upper right corner passing through the points (475, 60), (550, 70), and (600, 80). The line for A D slopes downward from the upper left corner to the lower right corner, passing through the points (550, 90), (600, 80), and (650, 70). The line for L A S is a vertical line from the point (550, 0) on the horizontal axis passing through the points (550, 70) and (550, 90).

Figure 10.3.2

Refer to Figure 10.3.2, which shows the AS-AD model, in which an economy is in short-run macroeconomic equilibrium. Which of the following statements is correct?
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If Canada's exports to the European Union boom, which of the following events will occur?
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If the Canadian price level rises, which of the following events occur?
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What is aggregate demand?

It is the relationship between
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Short Description: A set of four graph of price level versus real G D P. Long Description: The vertical axis of each graph is labelled, price level and the horizontal axis is labelled, real G D P. The graph are as follows.(a) The line for S A S slopes upward from the lower left corner to the upper right corner. The line for A D slopes downward from the upper left corner to the lower right corner, intersecting the lines for S A S. The line for L A S is a vertical line from a point on the horizontal axis. The line intersect the lines for S A S and A D right to their point of intersection.(b) The line for S A S slopes upward from the lower left corner to the upper right corner. The line for A D slopes downward from the upper left corner to the lower right corner, intersecting the lines for S A S. The line for L A S is a vertical line from a point on the horizontal axis. The line intersect the lines for S A S and A D at their point of intersection. (c) The line for S A S slopes upward from the lower left corner to the upper right corner. The line for A D slopes downward from the upper left corner to the lower right corner, intersecting the lines for S A S. The line for L A S is a vertical line from a point on the horizontal axis. The line intersect the lines for S A S and A D left to their point of intersection.(d) The line for S A S slopes upward from the lower left corner to the upper right corner. The line for A D slopes downward from the upper left corner to the lower right corner, intersecting the lines for S A S. The line for L A S is a vertical line from a point on the horizontal axis. The line intersect the lines for S A S and A D left to their point of intersection.

Figure 10.3.3

Refer to Figure 10.3.3, which shows the AS-AD model in which an economy is in four possible short-run macroeconomic equilibrium. In which of the graphs is the economy at full-employment equilibrium?
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When the economy is at below full-employment equilibrium, which of the following situations arise?
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