04 Jun Question Chapters 10 and 11 Problem
Question
Chapters 10 and 11 Problem
Complete the following:
Chapter 10, problems 10-2, 10-4, 10-6, 10-8, 10-10, 10-12, and 10-16
Chapter 11, problems 11-2, 11-4, 11-6, 11-7, 11-8, 11-10, and 11-1210-2
10-2. Suppose that the long-run aggregate supply curve is positioned at a real GDP level of $15 trillion in base-year dollars, and the long-run equilibrium price level (in index number form) is 115. What is the full-employment level of nominal GDP? (See page 219).
10-4. Suppose that the position of a nation’s long-run aggregate supply curve has not changed, but its long-run equilibrium price level has increased. Which of the following factors might account for this event? (See page 219.)
a. A rise in the value of the domestic currency relative to other world currencies.
b. An increase in the quantity of money in circulation.
c. An increase in the labor force participation rate
d. A decrease in taxes
e. A rise in real incomes of countries that are key trading partners of this nation.
10-6. Suppose that during the past 3 years, equilibrium real GDP in a country rose steadily, from $450 billion to $500 billion, but even though the position of its aggregate demand curve remained unchanged, its equilibrium price level steadily declined, from 110 to 103. What could have accounted for these outcomes, and what is the
term for the change in the price level experienced by this country? (See page 219.)
10-10. Assume that the economy is in long-run equilibrium with complete information and that input prices adjust rapidly to changes in the prices of goods and services. If there is a rise in the price level induced by an increase in aggregate demand, what happens to real GDP? (See page 219.)
10-8. Assume that the position of a nation’s aggregate demand curve has not changed, but the long-run equilibrium price level has declined. Other things being equal, which of the following factors might account for this event? (See page 219.)
a. An increase in labor productivity
b. A decrease in the capital stock
c. A decrease in the quantity of money in circulation
d. The discovery of new mineral resources used to produce various goods
e. A technological improvement
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