Question

In the _______ range of the aggregate supply curve, expansionary fiscal policy that causes aggregate ______ to increase will lead to a higher price level and a higher equilibrium level of real GDP.

Answer 1

In the immediate range of the aggregate supply curve, expansionary fiscal policy that causes aggregate demand to increase will lead to a higher price level and a higher equilibrium level of real GDP.

What is GDP?

A monetary indicator of the market worth of all the finished goods and services produced in a nation over a given time period is called the gross domestic product (GDP). This measurement is frequently changed before it can be trusted as an indicator because of how complicated and subjective it is. To compare living standards between countries, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful, whereas nominal GDP is more useful for comparing national economies on the global market. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries. The contribution of each industry or sector to the overall GDP can also be quantified.

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