Draw the long-run aggregate supply curve when potential GDP is $1.6 trillion. Label it. Price level (GDP deflator, 2007=100) 135- . . . 125- As we move up along the long-run aggregate supply curve, O A. the prices of goods and services increase and the money wage rate decreases 115- O B. the real wage rate remains constant 105- O C. the money wage rate remains constant O D. the prices of goods and services remain constant 95- 85- 75- 1.5 1.6 1.7 1.8 1.9 2.0 Real GDP (trillions of 2007 dollars) >>> Draw only the objects specified in the question.Draw a shortrun aggregate supply curve. Label it. As we move up along the short-run aggregate supply curve, . potential GDP increases A Q B. the money wage rate and the prices of other resources change by the same percentage C. the real wage rate, the prices of other resources, and potential GDP remain constant D . the money wage rate, the prices of other resources, and potential GDP remain constant Price level (GDP deator, 2007:100) 15D 140 130 120 110- 100 901 L5 16 L7 18 19 20 Real GDP (trillions of 2007 dollars) >>> Draw only the objects specified in the question. ,0} Describe three types of short-run macroeconomic equilibrium. Price level (GDP deflator, 2012=100) 150- LAS 140- A macroeconomic equilibrium in which real GDP is less than potential GDP is equilibrium. 130- And one in which real GDP equals potential GDP is equilibrium. O A. a full-employment; a below full-employment 120- O B. a full-employment; an inflationary 110- O C. a below full-employment; a full-employment O D. a below full-employment; a recessionary 100- The graph shows an economy's long-run aggregate supply curve. The economy is at an above full-employment equilibrium. 90+ 1.7 1 8 1.9 2.0 2 1 2.2 2.3 Draw an aggregate demand curve and a short-run aggregate supply curve. Label them. Real GDP (trillions of 2012 dollars) Draw a point at the short-run equilibrium. >>> Draw only the objects specified in the question.The table shows the aggregate demand and short-run aggregate supply schedules of Lizard Island in which potential GDP is $600 billion. 1. Calculate the short-run equilibrium real GDP and price level. The short-run equilibrium real GDP is $ billion and the price level is 2. Does the country have an inationary gap or a recessionary gap and what is its magnitude? The country has gap and its magnitude is $ billion. l:.' A. an inationary; 40 C B. an inationary; 25 :5 C. a recessionary; 25 :5 D. a recessionary; 32 3. If real GDP demanded at each price level increases by $50 billion, what is the new short-run macroeconomic equilibrium and the output gap? The new short-run macroeconomic equilibrium is at a real GDP of $ billion and a price level of The economy has V output gap. Real GDP Real GDP supplied Price demanded in the short run Level (billions of 2007 dollars) 100 600 550 110 575 575 120 550 600 130 525 675