Draw an economic equilibrium in the keynesian range

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Reference no: EM133053896

BUS400 - Assignment Version A

Question 1

Item

2017

 

2018


2019


 

Quantity

Price

Quantity

Price

Quantity

Price

iPhones

2300

1200

2450

1250

2400

1250

Burgers

1100

4

1150

3.75

1150

3.50

Paper

3400

1.25

5200

1.35

4800

1.20

Gas

45000

1.45

52000

1.67

48600

1.53

Coats

3000

65 

2800

75

2900

65

 

Your answer and calculations

Marks

What is nominal GDP in 2017

 

1

What is real GDP in 2017

 

1

What is nominal GDP in 2018

 

1

What is real GDP in 2018

 

1

What was the GDP Deflator in 2018

 

1

Was there any inflation between 2017 and 2018? If so how much?

 

1

What is nominal GDP in 2019

 

1

What is real GDP in 2019

 

1

What was the GDP Deflator in 2019

 

1

Was there any inflation between 2018 and 2019? If so how much?

 

1

Question 2:

Go to the following link and answer the following questions: 

https://www.pbo-dpb.gc.ca/web/default/files/Documents/Reports/RP-2021-027-S/RP-2021-027-S_en.pdf

Question  

Your Answer 

Marks

How did real GDP in the second quarter of 2020 compare to its pre-crisis level?

 

2

In addition to the COVID-19 pandemic, what else caused the sharp contractions in the Canadian economy in 2020? 

 

2

By how much does the PBO predict GDP to grow by in 2022?

 

2

By how much does the PBO predict nominal GDP will rise by in 2021?

 

2

How much does the PBO predict US real GDP will grow by in 2021? And 2022?


2

Question 3

In the space provided below, you are asked to follow a series of instructions: 

  1. In a carefully labeled diagram, draw an economic equilibrium in the Keynesian range of the aggregate supply curve. 
  2. Describe a situation that would cause the AD curve to shift to the right. 
  3. Draw the new AD curve in your diagram above and mark the new equilibrium. 

Reference no: EM133053896

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