Answer the following questions on the basis of the three sets of data for the country of North Vaudeville: (A ) ( B ) ( C )
Price levelReal GDPPrice levelReal GDPPrice levelReal GDP
110240110290100215
100240100265100240
9524095240100265
9024090215100290
a. Which set of data illustrates aggregate supply in the immediate short-run in North Vaudeville?
The data in (Click to select)A or B orC.
Which set of data illustrates aggregate supply in the short run in North Vaudeville?
The data in (Click to select)B or C or A.
Which set of data illustrates aggregate supply in the long run in North Vaudeville?
The data in (Click to select)A or B or C.
b. Assuming no change in hours of work, if real output per hour of work decreases by 15 percent, what will be the new levels of real GDP in the right column of B?
Instructions: Round your answers to 2 decimal places.
With a price level of 110, new output = .
With a price level of 100, new output = .
With a price level of 95, new output = .
With a price level of 90, new output = .
Does the new data reflect an increase in aggregate supply or does it indicate a decrease in aggregate supply? (Click to select)Decrease or Increase.