64% Part 1 (1 point) The article mentions that the storm\'s timing was important
ID: 1137905 • Letter: 6
Question
64% Part 1 (1 point) The article mentions that the storm's timing was important Sandy struck on a Choose one o A. Monday o B. Tuesday Wednesday D. Saturday so that workers were out of work for many days it instead, the storm had hit the coast on a weekend. people would have missed fewer work days Part 2 (2 points) To show how the timing of the storm infuences the economy.consider the graph below The graph depicts the economy before the storm. The economywas at the point marked in the graph, where aggregate demand wa AD, short-run aggregate supply was SRASL and long-run aggregate supply was LRAS LRAS RAS SRAS AD If Sandy had struck on a weekend, the short-run aggregate supply curve would shift to Choose one o A SRAS D. SRAS and real GDP would beExplanation / Answer
1. Hurricane Sandy struck on a Monday night, causing workers to stay out of works for many days.
Answer- Monday
2.
• If Sandy had struck on a weekend, people would have missed fewer work days. As a result, SRAS would've decreased but not by a large amount. So, the SRAS curve would shift from SRAS1 to SRAS2.
Answer- option C
If SRAS shifts to SRAS2, the real GDP at the intersection of AD1 and SRAS2 would be Y2.
Answer- option C
• If Sandy struck on a Monday or Tuesday, then workers would be out of work for many days, causing the SRAS to shift leftward by larger amount. Therefore, SRAS will shift from SRAS1 to SRAS3.
Answer-option D
The real GDP at the intersection of AD1 and SRAS3 would be Y3.
Answer-option D
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.