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- 16. Which of the following would not cause a shift in (Ad): A) a reduction in income tax B) a reduction in interest rates C) an increase in government spending D) a fall in the cost of productionConsider the following diagram, in which the current short-run equilibrium is at point A. a. At point A, the economy has an inflationary gap b. If the marginal propensity to consume equals 0.5, to eliminate the gap, the government should decrease spending by $ trillion. (Round your answer to two decimal places.) Price Level 122 118 114 0+ 0 LRAS 22 22.8 23.6 Real GDP per Year ($ trillion) SRAS ADAccording to the Keynesian cross model if the marginal propensity to consume is 2/3, cut in taxes of 120 Billion increases equilibrium income by a) 160 Billion b) 180 Billion C) 240 Billion d) 360 Billion
- The graph below shows a 45°-line (Keynesian cross) diagram. The economy is currently in macroeconomic equilibrium at output level Yo. Suppose that investment increases. 1) Use the line tool to show a possible position for the new aggregate expenditures line. Label this line AE2. Note: if you are not prompted for a label, you have used the wrong drawing tool. 2) Use the point drawing tool to show the new equilibrium levels of GDP and expenditures.Label this point 'B'. Real aggregate expenditures, AE Real GDP, Y Y = AE AE0 QUse the Keynesian cross to predict the impact on equilibrium GDP of equal-sized increases in both goovernment purchases and taxes.17. Consider the following income/expenditure diagram in the simple Keynesian model. C,1,G, (S,T) Y=C+S+T C+1+G Y Yo At Yo, the situation in the output market would be a. equilibrium b. excess demand (shortage) c. excess supply (surplus) d. one in which we would expect output to increase in the future. e. none of the above.
- Explain, using the Keynesian approach to measuring aggregate demand, the economic impact that a discovery of a precious resource such as oil will have on aggregate spending and total production (income) for an economy. Kindly answer the question.. AsapThe diagram below shows an AD/AS model for a hypothetical economy which is initially in a short-run equilibrium at point A. Y* AS D 100 80 E 60 AD 650 700 800 1000 Real GDP Refer to the figure above. In the initial short-run equilibrium, there is but this gap could be closed by a output gap of a recessionary; 200; fiscal expansion. a recessionary; 100; fiscal contraction. an inflationary; 100; fiscal contraction O a recessionary; 200; fiscal contraction Price LevelSuppose the marginal propensity to consume is 0.6. Use the Keynesian Cross model to predict the impact on equilibrium income of each of the following policies. State the direction of the change and give a formula for the size of the impact. a. an increase in government purchases of $100billion b. an increase in taxes of $100 billion c. a $100 billion increase in both government purchases and taxes?
- In the Keynesian model, an introduction of a proportional tax will: (a) increase the slope of the consumption function.(b) reduce the multiplier.(c) increase the equilibrium level of income.(d) increase the multiplier.. A decrease in the price level will: (a) shift the AS curve to the left.(b) shift the AD curve to the left.(c) shift the AS curve to the right.(d) leave both the AD curve and the AS curve unchanged.14- According to the Figure 12, what could be the reason of Increasing in the slope of IS curve and shifts from IS to iS R Figure 12 R1 IS IS Y a) O A decrease in export b) O A decrease in autonomous expenditures An increase in autonomous expenditures d) O A decrease in tax rate e) An increase in tax rate Leave blankWhich of the following would likely cause a downward parallel shift in the AE curve and a leftward shift in the AD curve? a) a reduction in government purchases b) an decrease in the MPC c) an increase in the price level O d) an increase in the business confidence of firms e) a decrease in the price level