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What is the role of aggragate demand in eliminating the
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- What are variables that affect AS (also considered the Supply side of GDP)?Which is now the largest single component of the supply side of GDP, representing over half of GDP? Durable goods Services Nondurable goods StructuresCalculate total GDP for this economy given the following components of demand. Round your answer to the nearest tenth and enter the value in trillions of dollars. Components of GDP on the Demand Side (in trillions of dollars) Consumption Investment Government spending Exports Imports Provide your answer below: trillion Total GDP 12.9 3.8 4.2 3.0 4.2 ?
- with the aid of a diagram, explain the income and expenditure modelSummarize and illustrate the aggregatedemand curve andthe factors that shift it“If taxes and government spending are increased by the same amount, there will be no effect on equilibrium GDP.” True or false? Explain and support your answer using a specific hypothetical example.
- How do you find the equilibrium level of GDP?What is the relative importance of government spending (G) in aggreagte demand and some factors that affect it?What is the difference between aggregate expenditure and aggregate demand? Why is the aggregate demand curve downward sloping while the aggregate expenditure line is upward sloping?