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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. When this economy automatically adjusts to long-run equilibrium, which of the following events occur?
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Table 10.3.2

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. When the economy is at its short-run macroeconomic equilibrium, which of the following statements is correct?
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If foreign exchange dealers expect the Canadian dollar next year to appreciate against all currencies, which of the following events will occur?
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When Canada's price level rises, its interest rate rises. How does the rising Canadian interest rate influence Canadian aggregate demand?
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Potential GDP equals the quantity of real GDP produced when which of the following events occurs?
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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 fall and real GDP will increase, everything else remaining the same?
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What is the Bank of Canada's operating band?
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What defines the lower limit of the Bank of Canada's operating band?
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When the Bank of Canada lowers the overnight loans rate, which of the following events occurs?
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Fact 14.1.1 

Inflation Control Target Renewal

Every five years, the Bank of Canada and the Government of Canada review and renew our agreement on Canada's monetary policy framework. In 2021, we renewed Canada's flexible inflation-targeting framework for 2022 to 2026.

Source: www.bankofcanada.ca

Refer to Fact 14.1.1. Choose the statement about why the agreement is renewed that is incorrect.
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