"economics"exercise:Aggregate Output, Prices, and Economic Growth
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Questions 1:
Given stable aggregate supply, which of the following changes in aggregate demand is most likely to cause economic expansion?
A 、An increase in corporate income tax
B、 An increase in foreign currency per unit of domestic currency
C 、An increase in capacity utilization
Questions 2:
Assume the percentage increases in each of the following listed items:
The predicted change in the nominal US spot exchange rate is closest to:
A、 4.5%.
B、 –0.5%.
C、 5.5%.
View answer resolution
【Answer to question 1】C
【analysis】
C is correct. An increase in capacity utilization will cause an increase in aggregate demand through higher investment and will increase GDP (economic expansion).
A is incorrect. A decrease, not an increase, in corporate income tax will cause an increase in aggregate demand through higher investment and increase GDP (economic expansion).
B is incorrect. A decrease, not an increase, in exchange rate (foreign currency per unit domestic currency) will cause an increase in aggregate demand through higher exports with lower imports and increase GDP (economic expansion).
【Answer to question 2】A
【analysis】
A is correct. Change in the nominal exchange rate =
B is incorrect because the change in the real exchange rate is not included: [(1 + 1.5%)/(1 + 2%)] – 1 = –0.5%.
C is incorrect because the change in the price levels are inverted: (1 + 5%) × [(1 + 2%)/ (1 + 1.5%)] – 1 = 5.5%.
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