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ECON-1012-C-Introduction to Macroeconomics

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If at the current real GDP, the economy has unplanned inventories, which of the following events occurs?

Aggregate planned expenditure
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If aggregate planned expenditure is less than real GDP, then which of the following changes occur?
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Short Description: A line graph of aggregate planned expenditure versus real G D P. Long Description:The vertical axis is labelled, aggregate planned expenditure (billions of 20 12 dollars) and the horizontal axis is labelled, real G D P (billions of 20 12 dollars). The 45 degree line slopes upward from the origin. The line for A E = C + I + G slopes upward from a point on the vertical axis intersecting the 45 degree line. The vertical dashed lines are drawn from the point of intersection of the two lines, a point below the point of intersection, and a point above the point of intersection to the points Y sub b, Y sub a, and Y sub c respectively on the horizontal axis.

Figure 11.2.2

Refer to Figure 11.2.2, which shows an economy's aggregate expenditure curve. If the economy has no exports or imports and real GDP is equal to Ya, which of the following statements is correct?
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If aggregate planned expenditure exceeds real GDP, how do inventories change and how does that impact the economy?
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Autonomous consumption is 50. With every $1 increase in disposable income, consumption increases 60 cents. The marginal tax rate is 10 percent. What is the equation of the consumption function?
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An economy with a fixed price level has a consumption function of C = 10 + 0.6Y, investment equal to 10, government expenditure equal to 15, exports equal to 10, and an import function of M = 0.2Y. What is consumption expenditure in this economy?
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Which of the following news quotes best describes a Keynesian view of a recession?
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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 the short-run macroeconomic equilibrium in graph (a). How would you expect the government to respond to its current macroeconomic equilibrium?
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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 in which an economy is in short-run macroeconomic equilibrium. Which of the following statements (1) and (2) is correct and which is incorrect?

(1)The economy is in an above full-employment equilibrium.
(2)As the economy adjusts to long-run equilibrium, the SAS curve will shift rightward.

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Complete the following statements:

A ________ macroeconomist believes that the economy is self-regulating and always at full employment. A ________ macroeconomist believes the economy requires active help from fiscal policy and monetary policy to maintain full employment.
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