04 Jun Question 3a) Suppose nominal GDP rose from 6250
Question
3a) Suppose nominal GDP rose from 6250 billion in 1995 to 6630 billion in 1996. If the GDP deflator rose from 125 to 130 during this time, what was the percent growth in real GDP?
3b) Given the data in part (a), what was the rate of inflation for goods and services produced in the U.S. economy?
5) Draw an Aggregate Supply/Aggregate Demand diagram that shows an economy operating at an output level higher than full employment RGDP. Label the axes and all lines on your diagram clearly.
6) Draw an Aggregate Demand -Aggregate Supply diagram that would represent an economy suffering from both a rise in its aggregate price level and a rise in its unemployment rate. (You will have to shift either the AS schedule, the AD schedule, or both schedules to illustrate this.)
7) Why do economists expect inflation to accelerate when u< NAIRU? 8) Agree or disagree with the following statement and explain your answer. "In 1950, RGDP per person in the U.S. was about $10,000. By 2000, RGDP per person in the U.S. was about $30,000. This implies that the living standard of the typical U.S. resident tripled in 50 years!"
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