Use the table below to answer the following questions.
Table 22.3.1
-Refer to Table 22.3.1. The tables show the labour market and the production function schedule for the country of Pickett. An increase in population changes the quantity of labour supplied by 20 billion hours at each real wage rate. Potential GDP
A) does not change.
B) decreases to $3 trillion.
C) increases to $50 trillion.
D) increases to $18 trillion.
E) increases to $20 trillion.
Correct Answer:
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Q48: When labour productivity increases, the demand for
Q49: An increase in population results in
A)an upward
Q50: Ceteris paribus, an increase in labour productivity
Q51: Use the figure below to answer the
Q52: When the population increases with no change
Q54: If new capital increases labour productivity, the
Q55: Use the figure below to answer the
Q56: Use the figure below to answer the
Q57: If the population increases, then potential GDP
Q58: In the labour market, an increase in
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