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Economics / Krugman's Economics for AP® (High School) 2 / Chapter Module 19 / Problem 1

Krugman's Economics for AP® (High School) | 2nd Edition | ISBN: 9781464122187 | Authors: Margaret Ray

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Describe the short-run effects of each of the following shocks on the aggregate price

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QUESTION:

Describe the short-run effects of each of the following shocks on the aggregate price level and on aggregate output: a. The government sharply increases the minimum wage, raising the wages of many workers. b. Solar energy firms launch a major program of investment spending. c. Congress raises taxes and cuts spending. d. Severe weather destroys crops around the world.

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QUESTION:

Describe the short-run effects of each of the following shocks on the aggregate price level and on aggregate output: a. The government sharply increases the minimum wage, raising the wages of many workers. b. Solar energy firms launch a major program of investment spending. c. Congress raises taxes and cuts spending. d. Severe weather destroys crops around the world.

ANSWER:

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The short-run is a period where everything cannot be changed. In the production, there will be one fixed cost and a variable cost.

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