CHAPTER 10 Price and Output Fluctuations Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-1 Aggregate Supply Curve Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-2 Keynesian, Classical, and Intermediate Ranges of the Aggregate Supply Curve Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit M10-1 Disequilibrium in the Labor Market Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-3 An Increase in the AS Curve Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-4 Summary of the Major Exogenous Factors Affecting Aggregate Supply Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-5 Aggregate Demand Curve Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-6 Why Does AD Slope Downward? Purchasing Power Effect Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-7 Why Does AD Slope Downward? Real Money Supply Effect Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-8 Why Does AD Slope Downward? Wealth Effect Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-14 Exogenous Factors That Influence Net Exports Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-15 Major Factors Causing a Change in Aggregate Demand Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-16 Aggregate Supply Curve and Aggregate Demand Curve Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-17 Macroeconomic Equilibrium: Desired Aggregate Demand Equals Desired Aggregate Supply Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-18 Macroeconomic Disequilibrium Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-19 Macroeconomic Disequilibrium Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-20 Demand-Pull Inflation: Changes in Aggregate Demand and Its Effect on Real GDP and the GDP Price Index Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-21 Short-Run Phillips Curve Relationship Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-22 U.S Phillips Curve Relationship, 1959–1968 Source: Federal Reserve Bank of St Louis, Economic Data—FRED II, http://research.stlouisfed.org/fred2/ series/GDPC1/downloaddata (accessed January 14, 2006) Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-23 Phillips Curve Relationship, 1959–2006 Source: U.S Department of Labor, Bureau of Labor Statistics, Labor Force Statistics from the Current Population Survey, Consumer Price Index, http://www.bls.gov/data/home.htm (accessed October 14, 2006) Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-24 Cost-Push Inflation Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-25 Example 1: The Bank Of Canada Loosens the Money Supply Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-26 Example 2: Value of Thai Baht Depreciates Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10-27 Germany Reduces Income Taxes and Government Spending Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Economic Information for Switzerland, 2001–2005 Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved ... Learning All rights reserved Exhibit 10- 15 Major Factors Causing a Change in Aggregate Demand Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10- 16 Aggregate...Exhibit 10- 1 Aggregate Supply Curve Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10- 2 Keynesian, Classical, and Intermediate Ranges of the Aggregate Supply... Exhibit 10- 3 An Increase in the AS Curve Copyright© 2008 South-Western, a part of Cengage Learning All rights reserved Exhibit 10- 4 Summary of the Major Exogenous Factors Affecting Aggregate Supply