-Using the data in the above table, in the short-run macroeconomic equilibrium, the price level is ________ and the level of real GDP is ________.
A) 105; $10 trillion
B) 110; $10 trillion
C) 110; $11 trillion
D) 115; $10 trillion

Question

-Using the data in the above table, in the short-run macroeconomic equilibrium, the price level is ________ and the level of real GDP is ________.
A) 105; $10 trillion 
B) 110; $10 trillion 
C) 110; $11 trillion 
D) 115; $10 trillion

Quizplus · Accepted Answer

In the short-run macroeconomic equilibrium, the price level and the level of real GDP are determined where the aggregate demand (AD) curve intersects the short-run aggregate supply (SRAS) curve. Without the specific data from the table, it's not possible to directly answer this question. However, the correct choice (C) suggests that at the equilibrium, the price level is 110 and the level of real GDP is $11 trillion, indicating where the AD and SRAS curves intersect in this scenario.

-Using the Data in the Above Table, in the Short-Run