Use the figure below to answer the following questions.
Figure 28.1.3
-Refer to Figure 28.1.3.Assume that the figure illustrates an economy initially in equilibrium at the intersection of the SAS0 curve and the AD0 curve.If the aggregate demand curve is correctly expected to shift to AD1,new equilibrium real GDP is ________ and the new equilibrium price level is ________.
Definitions:
Subchapter S
A designation of corporation that meets specific Internal Revenue Service criteria, allowing it to be taxed as a pass-through entity, avoiding double taxation.
Taxable Income
The portion of a person's or a company's income used to determine how much tax is owed to the government.
Book Income
The income reported by a corporation for financial reporting purposes, which may differ from taxable income calculated for tax purposes.
Financial Accounting Principles
Financial Accounting Principles are the rules and standards that guide the recording and reporting of financial data in financial statements.
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