222 Worksheet Midterm _2 A

222 Worksheet Midterm _2 A - ECON 222: Worksheet #1 Dr. C....

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Unformatted text preview: ECON 222: Worksheet #1 Dr. C. Battista Name _____________________________________________________ Summer 2011 1. Starting from short-run equilibrium, the following occurs: labor productivity rises and businesses have a more positive outlook for the future. Graph below and determine the effect on the price level, Real GDP, and the unemployment rate in the short run. Price Level _____________ Real GDP _____________ Unemployment __________ 2. Starting from short-run equilibrium, cost of natural resources rise. Graph below and determine the effect on the price level, Real GDP, and the unemployment rate in the short run. Price Level _____________ Real GDP _____________ Unemployment __________ 3. Starting from short-run equilibrium, the following occurs: personal income taxes rise and foreign real national income rises. Graph below and determine the effect on the price level, Real GDP, and the unemployment rate in the short run. Price Level _____________ Real GDP _____________ Unemployment __________ 4. Starting from short-run equilibrium, the following occurs: consumer expectations rise and wage rates rise. Graph below and determine the effect on the price level, Real GDP, and the unemployment rate in the short run. Price Level _____________ Real GDP _____________ Unemployment __________ 5. Starting from short-run equilibrium, the following occurs: personal income taxes are cut and labor productivity rises....
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222 Worksheet Midterm _2 A - ECON 222: Worksheet #1 Dr. C....

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