Explain whether each of the following events will increase decrease or have no effect on long run aggregate supply a. the United States experiences as a wave of immigration b. Congress raises the minimum wage to $15 an hour c. Intel and Vince a new and more improved powerful computer chip d. a severe hurricane damage factories along the East Coast

Explain whether each of the following events will increase decrease or have no effect on long run aggregate supply a. the United States experiences as a wave of immigration b. Congress raises the minimum wage to $15 an hour c. Intel and Vince a new and more improved powerful computer chip d. a severe hurricane damage factories along the East Coast

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Changes in what four variables will shift the long run aggregate supply curve?
The following event has occurred in the history of the United States: The world oil price rises sharply. Explain for event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.
4. Draw an ADAS graph at equilibrium. Suppose there is widespread fear of a recession. Which curve will shift? Draw the new equilibrium. Video Help
Suppose there is an international recession hits the US economy, what is the long-run equilibrium will look like? What changes in the U.S GDP? Does it affect to the long run aggregate supply and short run aggregate supply?
What kind of change would happen to aggregate demand, aggregate supply, and real GDP. if foreign countries purchase an unusually large number of U. S. manufactured passenger and military airplanes.
If the price level rises and the money wage rate rises by the same percentage, what happens to the quantity of real GDP supplied? Along which aggregate supply curve does the economy move?
Explain whether each of the following events shifts the short-run aggregate-supply curve,the aggregate-demand curve, both, or neither. For each event that does shift a curve, use adiagram to illustrate the effect on the economy.d A significant amount of iron ore is found in Western Australia, capable of supplyingworld trade for the next 50 years.
The graph shows the economy in long-run equilibrium. Then the world economy expands and the demand for Canadian-produced goods increases. Draw a curve that shows: 1) the effect of increased demand for Canadian-produced goods. Label it 1. 2) the effect of a rising money wage rate that returns the economy to full employment. Label it 2. Draw a point at the new long-run equilibrium. An economy is in a long-run equilibrium. An increase in aggregate demand creates the money wage rate decreases gap. A rise in and returns the economy to a full-employment equilibrium. O A. a positive; short-run aggregate supply B. a recessionary; short-run aggregate supply C. an inflationary; short-run aggregate supply and long-run aggregate supply O D. an inflationary; the quantity of real GDP demanded 140- 130- 120- 110+ 100+ 90- Price level (GDP deflator, 2007=100) 80+ 1.6 LAS 1.7 1.8 1.9 Real GDP (trillions of 2007 dollars) SAS AD 2.0 Q O
Which of the following would cause an increase in the price level in the long run? Choose one:A. Natural resources increase. B. Net exports decrease. C. There is a temporary increase in the price of oil. D. Investment increases. E. The number of workers in the labor force increases.
Draw Aggregate Demand, Short Run Aggregate Supply, and Long Run Aggregate Supply as if an economy is in both short run and long run equilibrium.
How do people typically respond to higher real interest rates? by saving less by paying more taxes by saving more by consuming more
Draw a diagram with aggregate demand, short-run aggregate supply, and long-run aggregate supply. Be sure to label correctly.