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8 Aug 2019

How does technological advance affect real GDP and the general price level? And how would persistent immigration affect the productive capacity of the economy?

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Related questions

Initially, an economy is in​ long-run equilibrium with a real GDP of​ $4 trillion.
Suppose that the productive capacity of the economy increases by​ 50% but that there are no other changes.

1) How does an increase in the productive capacity of the economy affect the AD or the LRAS Curve?

2) The situation shown above is called:

A. Secular deflation.
B. Demand-side inflation.
C. Supply-side inflation.
D. Supply-side deflation.

How rightward and a leftward shift of AD and SRAS affect general price level and real GDP?

In general. People who are more productive earn higher incomes and thus pay higher taxes. How would a change in the immigration laws that favored more highly educated and skilled individuals affect the future tax burden of today's American college students? Would the admission of better-educated immigrants tend to raise or lower the wages of American college graduates? On balance, would an overhaul of the immigration system benefit or harm today's college students?

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