Refer to Table 16.2. Nominal GDP for Fredonia for 2015 equals

Explain for each event whether it changes the quantity of real GDP supplied, short-run aggregate supply, long-run aggregate supply, or a combination of them

What will be an ideal response?

Refer to the diagrams. Assume that only wheat can be grown on the three grades of land shown in Figures (a), (b), and (c). Also assume that identical amounts of labor, capital, and other needed inputs are used in farming each grade of land. On the basis of these three figures, we:

A.  can say that the land in Figure (a) is most productive.
B.  can say that the land in Figure (b) is most productive.
C.  can say that the land in Figure (c) is most productive.
D.  cannot compare the productivity of the three grades of land.