Figure 13-6 -Refer to Figure 13-6. Let Y = Real GDP, AE

question 180

Multiple Choice

Figure 13-6
-Refer to Figure 13-6. Let Y = real GDP, AE = Aggregate Expenditures, C = Consumption,
I_P = Planned Investment, G = Government Purchases. Further, I_P and G are autonomous. If real GDP produced is $4,000, what is the amount of unplanned investment?

• A) zero
• B) $1,200 billion
• C) $2,400 billion
• D) $2,800 billion

Understand the relationship between resource prices and the cost of goods and services.

Evaluate the effects of technological advancements on employment and wages in various industries.

Differentiate the elasticity of supply in the short run and long run across different resources.

Assess the role of unions and certification requirements on labor supply and wages.