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ECON-1012-C-Introduction to Macroeconomics

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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 (1) and (2) is correct and which is incorrect?

(1)The economy is at an above full-employment equilibrium.
(2)As the economy adjusts to long-run equilibrium, the SAS curve will automatically shift rightward.
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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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Fact 11.5.2

An economy has a consumption function of C = 15 + 0.7Y, investment equal to 8, government expenditure equal to 12, exports equal to 20, and an import function of M = 0.2Y.

Refer to Fact 11.5.2. What is the equation for the AE curve for this economy?
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How does a cut in the income tax rate influence the AE curve when the economy's price level is fixed?
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 Table 11.1.2
 
Disposable Income

(dollars)		Consumption Expenditure

(dollars)
325325
400375
475425
550475
625525

Refer to Table 11.1.2, which shows the relationship between disposable income and consumption expenditure for an economy. What is the value of the marginal propensity to consume? 
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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 Yc, which of the following statements is correct?
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Short Description: A line graph shows the relationship between consumption expenditure and disposable income for an economy. Long Description: The vertical axis is labelled, consumption expenditure (20 12 dollars) and ranges from 0 to 800. The horizontal axis is labelled, disposable income (20 12 dollars) and ranges from 0 to 800. The 45 degree line slopes upward from the origin and passes through the point (800, 800). The line for consumption function slopes upward from (0, 200) and passes through the point (800, 800) intersecting the 45 degree line at this point. A dashed vertical line is drawn from this point to (800, 0) on the horizontal axis.

Figure 11.5.2

Refer to Figure 11.5.2, which shows an economy's consumption function. which of the following equations is the consumption function?
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Short Description: A line graph shows the relationship between consumption expenditure and disposable income for an economy. Long Description: The vertical axis is labelled, consumption expenditure (billions of 20 12 dollars per year) and ranges from 0 to 800. The horizontal axis is labelled, disposable income (billions of 20 12 dollars per year) and ranges from 0 to 800. The 45 degree line slopes upward from the origin and passes through the points B (200, 200), D (260, 260), and (500, 500). The line for consumption function slopes upward from (0, 100) and passes through the point (200, 260). The line intersects the 45 degree line at (500, 500).

Figure 11.1.1

Refer to Figure 11.1.1, which shows an economy's consumption function. What is the marginal propensity to consume?
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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 an above full-employment equilibrium?
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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 would we predict that eventually the price level will rise and real GDP will fall, everything else remaining the same?
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