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Question Determine whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, neither, or both. Which curve shifts, and in which direction? What happens to aggregate output and the price level in each case? a. The price level changes i. Which curve shifts? ii. Which direction does it shift? iii. What happens to aggregate output? iv. What happens to the price level? b. Consumer confidence declines i. Which curve shifts? ii. Which direction does it shift? iii. What happens to aggregate output? iv. What happens to the price level? c. The supply of resources increases i. Which curve shifts? ii. Which direction does it shift? iii. What happens to aggregate output? [MT445 | Managerial Economics] iv. What happens to the price level? d. The wage rate increases i. Which curve shifts? ii. Which direction does it shift? iii. What happens to aggregate output? iv. What happens to the price level? Determine whether the following statements are true or false. i. Some people who are officially unemployed are not in the labor force. ii. Some people in the labor force are not working. iii. Everyone who is not unemployed is in the labor force. iv. Some people who are not working are not unemployed. [MT445 | Managerial Economics] Refer to the following data on the U.S. consumer price index and answer the questions below. Year 1988 1989 1990 1991 1992 a. CPI 118.3 124.0 130.7 136.2 140.3 Year 1993 1994 1995 1996 1997 CPI 144.5 148.2 152.4 156.9 160.5 Year 1998 1999 2000 2001 2002 CPI 163.0 166.6 172.2 177.1 179.9 Year 2003 2004 2005 2006 CPI 184.0 188.9 195.3 201.8 Compute the inflation rate for each year 1989-2006. b. Which years were years of inflation? c. In which years did deflation occur? d. In which years did disinflation occur? e. Was there hyperinflation in any year?

Question

Determine whether each of the following would cause a shift of the aggregate demand curve, a shift
of the aggregate supply curve, neither, or both. Which curve shifts, and in which direction? What
happens to aggregate output and the price level in each case?
a. The price level changes
i. Which curve shifts?
ii. Which direction does it shift?
iii. What happens to aggregate output?
iv. What happens to the price level?
b. Consumer confidence declines
i. Which curve shifts?
ii. Which direction does it shift?
iii. What happens to aggregate output?
iv. What happens to the price level?
c.

The supply of resources increases
i. Which curve shifts?
ii. Which direction does it shift?
iii. What happens to aggregate output?

[MT445 | Managerial Economics]

iv. What happens to the price level?
d.

The wage rate increases
i. Which curve shifts?
ii. Which direction does it shift?
iii. What happens to aggregate output?
iv. What happens to the price level?

Determine whether the following statements are true or false.
i.

Some people who are officially unemployed are not in the labor force.

ii.

Some people in the labor force are not working.

iii.

Everyone who is not unemployed is in the labor force.

iv.

Some people who are not working are not unemployed.

[MT445 | Managerial Economics]
Refer to the following data on the U.S. consumer price index and answer the questions below.
Year
1988
1989
1990
1991
1992
a.

CPI
118.3
124.0
130.7
136.2
140.3

Year
1993
1994
1995
1996
1997

CPI
144.5
148.2
152.4
156.9
160.5

Year
1998
1999
2000
2001
2002

CPI
163.0
166.6
172.2
177.1
179.9

Year
2003
2004
2005
2006

CPI
184.0
188.9
195.3
201.8

Compute the inflation rate for each year 1989-2006.

b. Which years were years of inflation?

c. In which years did deflation occur?

d. In which years did disinflation occur?

e. Was there hyperinflation in any year?

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