In 2014, the economy of Greatstown had an aggregate demand and aggregate supply according to the following schedule: Price Level Aggregated Demand Short-run Aggregate Supply Long-run aggregate supply 30 $1455 $1275 $1400 40 $1420 $1300 $1400 50 $1385 $1325 $1400 60 $1350 $1350 $1400 70 $1315 $1375 $1400 80 $1280 $1400 $1400 90 $1245 $1425 $1400 What was Greatstown’s short-run equilibrium output 2014?

In 2014, the economy of Greatstown had an aggregate demand and aggregate supply according to the following schedule: Price Level Aggregated Demand Short-run Aggregate Supply Long-run aggregate supply 30 $1455 $1275 $1400 40 $1420 $1300 $1400 50 $1385 $1325 $1400 60 $1350 $1350 $1400 70 $1315 $1375 $1400 80 $1280 $1400 $1400 90 $1245 $1425 $1400 What was Greatstown’s short-run equilibrium output 2014?

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Introduction To Macroeconomics

Section: Chapter Questions

Problem 3.3P

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In 2004, the economy of Minitown had an aggregate demand and aggregate supply according to the following schedule: PRice level Aggregate Demand Short-run Aggregate supply Long run aggregate supply 100 $1625 $1205 $1370 110 $1550 $1270 $1370 120 $1475 $1335 $1370 130 $1400 $1400 $1370 140 $1325 $1465 $1370 150 $1250 $1530 $1370 160 $1175 $1595 $1370 What was Minitown’s short-run equilibrium output in 2004?
In 2013, the economy of Boonton had an aggregate demand and aggregate supply according to the following schedule: Price Level Aggregate Demand Short-Run Aggregate Supply Long-Run Aggregate Supply 80 $1405 $1075 $1365 90 $1370 $1150 $1365 100 $1335 $1225 $1365 110 $1300 $1300 $1365 120 $1265 $1375 $1365 130 $1230 $1450 $1365 140 $1195 $1525 $1365 What was Boonton’s long-run equilibrium output in 2013?
In 1997, the economy of Mistania had an aggregate demand and aggregate supply according to the following schedule: Price Level aggregate demand short-run aggregate supply1475 long-run aggregate supply 90 $1505 $1175 $1440 100 $1470 $1250 $1440 110 $1435 $1325 $1440 120 $1400 $1400 $1440 130 $1365 $1475 $1440 140 $1330 $1550 $1440 150 $1295 $1625 $1440 What was Mistania’s short-run equilibrium output in 1997?
In 1999, the economy of Mistania had an aggregate demand and aggregate supply according to the following schedule: Price Level Aggregate Demand Shortrun aggregate supply longrun aggregate supply 30 $1395 $1125 $1200 40 $1330 $1150 $1200 50 $1265 $1175 $1200 60 $1200 $1200 $1200 70 $1135 $1225 $1200 80 $1070 $1250 $1200 90 $1005 $1275 $1200 If Mistania decreases spending, would this more likely result in cyclical unemployment or inflationary pressures in the following year - i.e, in 2000? Cyclical unemployment/Inflationary pressures
In 2006, the economy of Singsville had an aggregate demand and aggregate supply according to the following schedule:Price level Aggregate Demand Short-Run Aggregate Supply100 $1445 $1085110 $1380 $1140120 $1315 $1195130 $1250 $1250140 $1185 $1305150 $1120 $1360160 $1055 $1415 What was the equilibrium price level in Singsville in 2006?
In 2001, the economy of Boxtown had an aggregate demand and aggregate supply according to the following schedule: price level aggregate demand short-run aggregate supply long-run aggregate supply 70 $1275 $1005 $1300 80 $1250 $1070 $1300 90 $1225 $1135 $1300 100 $1200 $1200 $1300 110 $1175 $1265 $1300 120 $1150 $1330 $1300 130 $1125 $1395 $1300 What was Boxtown’s short-run equilibrium output in 2001? If Boxtown cut taxes, how would short-run equilibrium quantity change?Increase/Decrease
In 2003, the economy of Microtania had an aggregate demand and aggregate supply according to the following schedule: Price level Aggregate Demand Short-Run Aggregate Supply Long-Run Aggregate Supply 90 $1125.00 $1320.00 100 $1200.00 $1320.00 110 $1275.00 $1320.00 120 $1350.00 $1320.00 130 $1425.00 $1320.00 140 $1500.00 $1320.00 150 $1575.00 $1320.00 $1575.00 $1500.00 $1425.00 $1350.00 $1275.00 $1200.00 $1125.00 What was Microtania's short-run equilibrium output 2003? $| Calculate Microtania's output gap: $
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Consider schedule #1 in the aggregate demand and aggregate supply table given below. The equilibrium output and price level for the economy described on this schedule are: Table 10.1 Quantity of Quantity of Aggregate Output Price Aggregate Output Supplied Demanded Level # 1 #2 # 3 $7.0 110 $5.0 $6.0 $4.0 6.5 120 5.5 6.5 4.5 6.0 130 6.0 7.0 5.0 5.5 140 6.5 7.5 5.5 5.0 150 7.0 8.0 6.0 a. $6.0 and 130, respectively. O b. $6.5 and 120, respectively. c. $5.0 and 150, respectively. d. $5.5 and 140, respectively. e. $7.0 and 110, respectively.
In 2010, the economy of Sanaton had an aggregate demand and aggregate supply according to the following schedule: Price level Aggregate Demand Short-Run Aggregate Supply 80 $1155.00 90 $1220.00 100 $1285.00 110. $1350.00 $1415.00 $1480.00 $1545.00 120 130 140 $1575.00 $1500.00 $1425.00 $1350.00 $1350,00 $1200.00 $1125.00 What was the equilibrium price level in Sanaton in 2010?
The table below presents information on aggregate demand and aggregate supply schedules in the country of Microtania in 2005. Price level Schedule A Schedule B Schedule C $1685 $1415 $1625 $1640 $1460 $1625 $1595 $1505 $1625 $1550 $1550 $1625 $1505 $1595 $1625 $1460 $1640 $1625 $1415 $1685 $1625 90 100 110 120 130 140 150 Which best represents the aggregate supply curve that is emphasized in the neoclassical economic perspective? OSchedule A OSchedule B OSchedule C
In 2010, the economy of Quarterville had an aggregate demand and aggregate supply according to the following schedule: Price level Aggregate Demand Short-Run Aggregate Supply Long-Run Aggregate Supply 90 $1505.00 $1205.00 $1465.00 100 $1470.00 $1270.00 $1465.00 110 $1435.00 $1335.00 1 $1465.00 120 $1400.00 $1400.00 $1465.00 130 $1365.00 $1465.00 $1465.00 140 $1330.00 $1530.00 $1465.00 150 $1595.00 $1465.00 $1295.00 What was Quarterville's long-run equilibrium output in 2010? $|

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Price Level	Aggregated Demand	Short-run Aggregate Supply	Long-run aggregate supply
30	$1455	$1275	$1400
40	$1420	$1300	$1400
50	$1385	$1325	$1400
60	$1350	$1350	$1400
70	$1315	$1375	$1400
80	$1280	$1400	$1400
90	$1245	$1425	$1400