All right, let's do the next section. Assume that the economy of Country X has an actual unemployment rate of 7%, a natural rate of unemployment of 5%, and an inflation rate of 3%.
I drew it to the left of the full employment output because we are dealing with a recession here. This video walks you through the concepts covered on an AP Macroeconomics Free Response Question. Draw a correctly labeled graph of aggregate demand and short-run aggregate supply, and show the impact on the equilibrium price level and real GDP of the fiscal policy action identified in part (c). And the thing to appreciate is the long-run Phillips curve or the long-run aggregate supply curve, these don't change unless something structurally changes in the economy, unless the economy changes in some very fundamental way, maybe a change in education levels, change in population, or change in technology. During the capital inflow process, the rest of the world wants USD because they can only invest using US dollars inside the U. AP® Macroeconomics (New & Experienced Teachers. S. This increases thedemand for USD in the foreign exchange market and appreciates the value of USD in terms of other foreign currency.
When labor becomes cheap enough, producers will make profit though aggregate demand may lag for a bit longer. Well, if we want to reduce the unemployment rate, one way to do the that would be to shift aggregate demand to the right. In the short run, nominal wages are fixed. We will balance covering some of the more challenging topics in the course material while trying some strategies and lessons to develop students' skills in economic analysis. And then let's draw an aggregate demand curve. If you have previously taught the course, please bring your syllabus for reviewing and revising. The Foreign Exchange market answer towards the end for Q. e & f are not correct. D) As a result of an increase in exports, export oriented industries increase expenditures on new container ships and equipment. Assume the economy of andersonland school. Think of the short run as what happens immediately and what happens later due to the change being the long run. And then they say, label the short-run equilibrium as point B. You could also think at a given output level, you would have a lower price level, at a given price level.
Answer and Explanation: 1. a) The long-run equilibrium is achieved at the point where AD, SRAS, and LRAS intersect. And just think about what's going on. So you have to be very careful here. And one way to do that, would be to put more money in people's pockets, and one way to do that, is to have a tax cut. Assume that the government of Country X takes no policy action to reduce unemployment. Answer - One point is earned for stating that real wages will fall because the price level has increased and the nominal wages are fixed in the short run. They're saying a fiscal policy action, not a monetary policy. Assume the economy of andersonland is in a long-run equilibrium. So our unemployment rate right over here is 7%, and our inflation rate right over here is 3%. I) Equilibrium output, labeled Y1.
This increases the loans demanded in the loans market and the new equilibrium shows a higher interest rate. That interest rate then lowers the investment demand. And so it'll be a vertical line at our natural rate of unemployment which is 5%. 4 - 4. Assume the economy of Andersonland is in a long-run equilibrium with full employment. In the short run, nominal wages are fixed. a) Draw a | Course Hero. Based on the change in real GDP identified in part (d), will the supply of Country X's currency in the foreign exchange market increase, decrease, or remain the same, explain? But what about the short-run aggregate supply curve?
So if our actual unemployment rate is higher than natural rate of unemployment, what will happen to the short-run aggregate supply? Or for a given amount of output, it might cost less because there's just people out there competing for that work. And this would be in relation to lowering taxes or raising taxes or increasing or decreasing government spending. Label the current short-run equilibrium as point B. All right, part (f). And if we're talking about the price of a currency and we say it's going down, we would say that that currency is depreciating, so it would depreciate, and we're done. Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e. g., in search results, to enrich docs, and more. And then on the horizontal axis, I am going to do my unemployment rate. So I'm gonna do the inflation rate in the vertical axis which is typical. So our short-run aggregate supply would look like that. 31 Annual Report 2018 19 C REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN. CHMN 301 Journal Article Summary Assignment. Economic geography william p anderson. So maybe it looks just like this. Answer - One point is earned for stating that the investment component of AD will change.
So this is real GDP right over here, G-D-P. Now you're just going to have a long-run supply curve which is vertical. So that's the long-run aggregate supply. And they say the short-run equilibrium we have an unemployment rate of 7% and an inflation rate of 3%. So pause this video if you are inspired to do so, but I will now work through it. Let's do the long-run first because we've seen before the long-run just sets our unemployment rate at the natural rate of unemployment, and it isn't related to our inflation rate. On the AP Macroeconomics lessons, we learn that due to expansionary fiscal policy, the government borrows loans because of the deficit in the budget. Instructor: Julie Meek.
Aggregate Supply and Aggregate Demand. And so you would have your short-run aggregate supply curve shift to the right, short-run aggregate supply sub two. At any given price level, people are gonna want more. All right, we have more parts here. Label the new equilibrium output and price level Y2 and PL2, respectively. AP®︎/College Macroeconomics. The goal is for each participant to leave the summer institute better prepared to teach AP Macroeconomics. And then if a lot of people are unemployed, they might be willing to work for less or they might have less money in their pocket with which to drive up the prices, and so you will have this inverse relationship right over here. On your graph in part (a), show the effect of higher exports on the equilibrium in the short-run, labeling the new equilibrium output and price level Y2 and PL2, respectively.
So I'll do a aggregate demand sub two. We could say wages come down which would shift the short-run aggregate supply curve to the right. And then your equilibrium price level would go down, price level sub two would go down. In the short-run is what you have to have noticed,,,, as wages can't adjust in the short-run,,, therefore if the price level is increasing and wages are not,, real wages are falling. That's just the full employment output for our country.
Julie holds a master's degree in Economics Education from the University of Delaware. It'll just be a vertical line. Plot the numerical values above on the graph. I) What component of aggregate demand will change? And if national income has gone up, people are gonna do a lot more of everything including buying imports. This is due to the law of balance of payments where both sides always equal 0. Learn more about this topic: fromChapter 7 / Lesson 3. All right, let me draw that. Well, if you hold all else equal, but you increase the supply of something, well, then the price of it is going to go down. So here they're saying short-run aggregate supply curve, explain. So let me draw a graph to even help to visualize this. Materials to bring with you: - laptop computer.
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