Use the figure below to answer the following questions.
Figure 10.3.1
-Refer to Figure 10.3.1.Short- run macroeconomic equilibrium real GDP is
A)$480 billion.
B)$520 billion.
C)$400 billion.
D)$360 billion.
E)$440 billion.

Question

Use the figure below to answer the following questions.
  Figure 10.3.1
-Refer to Figure 10.3.1.Short- run macroeconomic equilibrium real GDP is
A)$480 billion. 
B)$520 billion. 
C)$400 billion. 
D)$360 billion. 
E)$440 billion.

Quizplus · Accepted Answer

Without access to Figure 10.3.1, I cannot directly observe the details necessary to identify the specific equilibrium real GDP. However, in macroeconomics, short-run macroeconomic equilibrium occurs where the aggregate demand curve intersects the short-run aggregate supply curve. This point determines the equilibrium level of output (real GDP) and the overall price level in the economy. Since I cannot see the figure, I cannot provide the specific answer based on it. My response is based on general economic principles rather than the specific details of Figure 10.3.1.

Use the Figure Below to Answer the Following Questions