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The table describes four possible outcomes for 2017, depending on the level of aggregate demand in that year. Price level (GDP price index 2016 =
The table describes four possible outcomes for 2017, depending on the level of aggregate demand in that year. Price level (GDP price index 2016 = 100) Potential GDP is $11 trillion and the natural unemployment rate is 4 percent. 111- Price level Unemployment rate 110- 2016 = 100) percent of labor force) 109- 102.5 108- 105.0 107 - OnDD 107.5 106- 110.0 105- Draw the four points A, B, C, and D on the aggregate supply curve using the data in the table. Label the points. 104- 103- Draw the short-run aggregate supply curve. Label it AS. 102- >>> Calculate values of real GDP to 1 decimal place. 101- 100- 9.7 9.9 10.1 10.3 10.5 10.7 10.9 11.1 11.3 Real GDP (trillions of 2016 dollars) >>> Draw only the objects specified in the
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