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Please explain why the bolded answers are correct.{\color{Red} } In 2018, the nominal GDP in Country X increased by 5%, but its citizens’ standard of living went down from 2017. If 2017 was the base

Please explain why the bolded answers are correct.{\color{Red} }

In 2018, the nominal GDP in Country X increased by 5%, but its citizens’ standard of living went down from 2017. If 2017 was the base year, then the price index in 2018 was

  1. Exactly 105
  2. Between 100 and 105
  3. Greater than 105
  4. Less than 100

Which of the following will have the largest expansionary effect on aggregate demand?

  1. A $100 increase in income
  2. A $100 decrease in personal taxes
  3. A $50 increase in government spending and a $50 decrease in personal taxes
  4. A $100 increase in government spending

Assume that an increase in nominal wages in Brownsonia leads directly to an increase in worker productivity. These 2 events

  1. Cause the SRAS curve to shift to the left
  2. Cause the SRAS curve to shift to the right
  3. Have an indeterminate effect on SRAS
  4. Shift the SRAS curve to the left and the AD curve to the right

Cost-push inflation will be reflected by a

  1. Leftward shift in the SRAS curve
  2. Rightward shift in the SRAS curve
  3. Leftward shift in the AD curve
  4. Rightward shift in the AD curve

Jun 05 2021 View more View Less

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