Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

with an explanation and how to visualise these type of qs, pls ans the follow 15 If GDP is the potential output level, you will

image text in transcribedimage text in transcribed

with an explanation and how to visualise these type of qs, pls ans the follow

image text in transcribedimage text in transcribed
15 If GDP is the potential output level, you will expect that the output will fall and the price level will as the economy self-corrects to its long run equilibrium. > A: above; rise X B: above; fall X C: below; rise X D: below; fall X E: at; remain unchanged16 Assume that an economy is initially at its potential output level and there is a fall in oil prices. As the economy self-corrects from the short run to the long run equilibrium, the price level would _; and output level would > A: rise; fall X B: rise; rise X C: fall; fall XD: fall; rise X E: fall; remain unchanged

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Macroeconomics

Authors: Michael Parkin

10th Edition

013485330X, 978-0134853307

More Books

Students also viewed these Economics questions

Question

What is the name of the program?

Answered: 1 week ago