Homework answers / question archive / Answer the following questions on the basis of the three sets of data for the country of North Vaudeville: (A) (B) (C) Price Level Real GDP Price Level Real GDP Price Level Real GDP 110 280 100 205 110 230 100 255 100 230 100 230 95 230 100 255 95 230 90 205 100 280 90 230 a) Which set of data illustrates aggregate supply in the immediate short run in North Vaudeville? The data in ____________ Which set of data illustrates aggregate supply in the short run in North Vaudeville? The data in __________ Which set of data illustrates aggregate supply in the long run in North Vaudeville? The data in ________________ b) Assuming no change in hours of work, if real output per hour of work increases by 20 percent, what will be the new levels of real GDP in the right column of A? Instructions: Enter values as whole numbers

Answer the following questions on the basis of the three sets of data for the country of North Vaudeville: (A) (B) (C) Price Level Real GDP Price Level Real GDP Price Level Real GDP 110 280 100 205 110 230 100 255 100 230 100 230 95 230 100 255 95 230 90 205 100 280 90 230 a) Which set of data illustrates aggregate supply in the immediate short run in North Vaudeville? The data in ____________ Which set of data illustrates aggregate supply in the short run in North Vaudeville? The data in __________ Which set of data illustrates aggregate supply in the long run in North Vaudeville? The data in ________________ b) Assuming no change in hours of work, if real output per hour of work increases by 20 percent, what will be the new levels of real GDP in the right column of A? Instructions: Enter values as whole numbers

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Answer the following questions on the basis of the three sets of data for the country of North Vaudeville:

(A)		(B)		(C)
Price Level	Real GDP	Price Level	Real GDP	Price Level	Real GDP
110	280	100	205	110	230
100	255	100	230	100	230
95	230	100	255	95	230
90	205	100	280	90	230

a) Which set of data illustrates aggregate supply in the immediate short run in North Vaudeville?

The data in ____________

Which set of data illustrates aggregate supply in the short run in North Vaudeville?

The data in __________

Which set of data illustrates aggregate supply in the long run in North Vaudeville?

The data in ________________

b) Assuming no change in hours of work, if real output per hour of work increases by 20 percent, what will be the new levels of real GDP in the right column of A?

Instructions: Enter values as whole numbers.

Price level 110: New output =__________

Price level 100: New output =___________

Price level 95: New output =_____________

Price level 90: New output =_________________

c) Do the new values reflect an increase in aggregate supply or do they indicate a decrease in aggregate supply? __________________