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ECON-1012-C-Introduction to Macroeconomics

ECON-1012-C-Introduction to Macroeconomics

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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 ranges from 0 to 400 in increments of 100. The horizontal axis is labelled, real G D P (billions of 20 12 dollars) and ranges from 0 to 400 in increments of 100. The 45 degree line slopes upward from the origin passing through the points (100, 100), (200, 200), and (300, 300). The line for C slopes upward from the point (0, 25) on the vertical axis intersecting the 45 degree line at (100, 100). The line for C + I slopes upward from the point (0, 50) on the vertical axis passing through the points (100, 125), (200, 200), and (300, 275).

Refer to Figure 11.3.1, which shows an economy's consumption expenditure (C) and investment (I). If the economy does not engage in international trade and has no government, what is the multiplier for this economy?

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Table 11.2.1

Real GDP (Y)	Consumption expenditure (C)	Investment (I)	Government expenditure (G)	Exports (X)	Imports (M)
1.0	1.00	0.5	0.7	0.45	1.15
2.0	1.65	0.5	0.7	0.45	0.30
3.0	2.30	0.5	0.7	0.45	0.45
4.0	2.95	0.5	0.7	0.45	0.60
5.0	3.60	0.5	0.7	0.45	0.75
6.0	4.25	0.5	0.7	0.45	0.90

Refer to Table 11.2.1, which gives the aggregate expenditure schedule for an economy. What is equilibrium expenditure?

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If an economy's real GDP increases from $100 billion to $150 billion, and at the same time its imports increase from $40 billion to $50 billion, what is the marginal propensity to import?

It is greater than 0.2 and less than 0.4.

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If consumption expenditure increases from $300 to $500 when disposable income increases from $200 to $500, what is the value of the marginal propensity to consume?

It equals 1.33.

It equals 0.75.

It is negative.

It equals 0.67.

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Which of the following calculations is the marginal propensity to save?

the change in saving divided by the change in consumption expenditure

saving divided by disposable income

the change in saving divided by the change in disposable income

the change in saving divided by disposable income

saving divided by the change in disposable income

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Short Description: A line graph of aggregate expenditure versus real G D P. Long Description: The vertical axis is labelled, aggregate expenditure (billions of 20 12 dollars) and ranges from 0 to 375. The horizontal axis is labelled, real G D P (billions of 20 12 dollars) and ranges from 0 to 375. The 45 degree line slopes upward from the origin passing through the points (100, 100) and (375, 375). The line for C slopes upward from the point (0, 10) on the vertical axis intersecting the 45 degree line at (100, 100) and passing through the point (375, 347). The line for A E slopes upward from the point (0, 150) on the vertical axis intersecting the 45 degree line at the point (375, 375).

In Figure 11.2.1, which shows expenditure in an economy that has no taxes at all. At equilibrium expenditure, what is induced expenditure?

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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.

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 fall and real GDP will increase, everything else remaining the same?

both graphs (c) and (d)

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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).

Refer to Figure 10.3.2, which shows the AS-AD model, in which an economy is in short-run macroeconomic equilibrium. If the economy automatically adjusts to long-run equilibrium, which of the following situations occur?

Potential GDP decreases.

The SAS curve shifts rightward.

The actual unemployment rate exceeds the natural unemployment rate.

The price level rises to 90.

Real GDP is $600 billion.

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The three columns of the table are titled Price level (2012 = 100), and real GDP demanded and real GDP supplied in trillions of 2012 dollars. The rows display the data as follows: 140; 4; 8130; 5; 7120; 6; 6110; 7; 5100; 8; 4

Refer to Table 10.3.2, which shows the aggregate demand and aggregate supply schedules. Potential GDP is $7 trillion. With no change in monetary policy and fiscal policy, which of the following events will occur in the long run?

Long-run aggregate supply curve will shift leftward.

Both A and C will occur.

Short-run aggregate supply curve will shift leftward.

Short-run aggregate supply curve will shift rightward.

Long-run aggregate supply curve will 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).

Refer to Figure 10.3.1, which shows the AS-AD model. What is short-run macroeconomic equilibrium real GDP?

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