Suppose That the Aggregate Demand (ADI)curve in an Economy Is

question 81

Multiple Choice

Suppose that the aggregate demand (ADI) curve in an economy is Y = 20,000 - 20,000
,current inflation (11ec9ae2_bd79_1ce7_a39a_a9c7bc0c6307_TB34225555_11 ) equals 0.04 (4%) ,and potential output (Y*) equals 19,200.If,starting from long-run equilibrium,an inflation shock raises inflation to 6%,in the short run,output will equal ________ and,in the long run,output will equal _________

• A) 18,800;18,800
• B) 18,800;19,200
• C) 19,200;18,800
• D) 19,200;19,200
• E) 19,600;19,200

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Definitions:

Pounds

A unit of weight commonly used in the British, United States customary and other systems of measurement.

Work in Process

Inventory that includes materials that have been partially processed but are not yet finished goods.

Standard Costs

Estimated or predetermined costs of manufacturing, selling, or doing something, which are used for budgetary and costing purposes.

Cost System

A method used by firms to track, record, and analyze costs associated with their operations, typically to improve efficiency or profitability.