This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The table below shows data for India's economy. Real GDP is measured in millions of rupees. Suppose ... (Read 58 times)

HCHenry

  • Hero Member
  • *****
  • Posts: 591
on: Jun 29, 2018
The table below shows data for India's economy. Real GDP is measured in millions of rupees. Suppose that full employment occurs when real GDP is 27,000 million rupees.
 
  Price level Real GDP
  supplied in the short run Real GDP demanded
  a 114 23,501 35,898
  b 120 25,355 32,341
  c 125 27,670 27,670
  d 131 30,366 18,569
  e 138 33,164 15,898
 
  The economy is experiencing ________ gap and firms will ________.
  A) an inflationary gap; increase production
  B) an inflationary gap; increase money wages paid to workers
  C) a recessionary gap; increase production
  D) a recessionary gap; decrease money wages paid to workers

Question 2

From left to right, the horizontal axis of the Lorenz curve ranks households from
 
  A) smallest to largest.
  B) largest to smallest.
  C) poorest to richest.
  D) richest to poorest.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Christopher

  • Sr. Member
  • ****
  • Posts: 316
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

C


HCHenry

  • Hero Member
  • *****
  • Posts: 591
Reply #2 on: Jun 29, 2018
Thank you :)


Christopher

  • Sr. Member
  • ****
  • Posts: 316
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

Did you know?

Cocaine was isolated in 1860 and first used as a local anesthetic in 1884. Its first clinical use was by Sigmund Freud to wean a patient from morphine addiction. The fictional character Sherlock Holmes was supposed to be addicted to cocaine by injection.

Did you know?

Alzheimer's disease affects only about 10% of people older than 65 years of age. Most forms of decreased mental function and dementia are caused by disuse (letting the mind get lazy).

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates’s recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Reconstructed Australopithecus afarensis spine shows that species walked upright. Reconstructed Australopithecus afarensis spine shows that species walked upright.
Cross-sectional data showing that the amount of effort spent on personal health care increases with Cross-sectional data showing that the amount of effort spent on personal health care increases with
Work and Gender: Women at Work in India Work and Gender: Women at Work in India
The answer to “What is the proper role of children in an economy?” varies by social class, ... The answer to “What is the proper role of children in an economy?” varies by social class, ...
This battery shows a large “1000” on the front panel but this is the CA rating and not the ... This battery shows a large “1000” on the front panel but this is the CA rating and not the ...
table table
Video: Major Elements in Biological Molecules: Nucleic acids

For a complete list of videos, visit our video library