Keoloid Keoloid

02-05-2024
Business

Answered

Columns 1 and 2 in the following table are an aggregate supply schedule. Columns 1 and 3 are aggregate demand schedules.

(1) price level (2) Real GDP (3) AD 1 (4) AD 2
220 $2390 $2100 $2200
200 2390 2200 2340
190 2350 2250 2350
180 2300 2300 2400
160 2200 2400 2500

a. The equilibrium real GDP is $___ and the price level is _.

b. Suppose that an expansionary fiscal policy increases aggregate demand from that shown in columns 1 and 3 to that shown in columns 1 and 4. The price level will increase to _, and this rise in the price level will result in the real GDP increasing to $________.

Answer :

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