answers for this questions 20. For this question, assume that Y = N. B2sed on our understanding of the !abormarket model presented in Chapter 6, we know that an increase in the minimum wagewill causeA) an increase in the natural level of output.B) a reduction in the natural level of output.C) no change in the natural level of output.D) an increase in the natural level of employment.21. Assume the economy is initially operating at the natural level of output. Which ofthe following events will NOT change the composition of output (i.e., the percentageof GDP composed of consumption, investment, ... etc.) in the medium run?A) a reduction in government spendingB) a cut in taxesC) a reduction in the desire to saveD) an increase in consumer confidenceE) an increase in the money supply22. Suppose a central bank implements a monetary contraction. Which of thefollowing would we expect to occur in the medium run? Assume that initially theeconomy is at the medium run equilibrium.A) a decline in outputB) an increase in the price expectationsC) a decrease in the nominal wage rateD) a decrease in investment523. Which of the following statements is NOT correct?A) Any shifts of the IS curve will shift the AD curveB) Any shifts of the LM curve will shift the AD curveC) Any shifts of the WS curve will affect the natural unemployment rate, assumingthat Y=N.D) Any shifts of the PS curve will affect the natural level of output, assuming thatY=N.24. Which of the following statements is NOT correct?A) Each AS curve is associated with one particular level of price expectations.B) All points along the AS curve are short-run equilibrium points in the labor market.C) Price expectations are always accurate along the AS curve.D) Only one point along the AS curve is the medium run equilibrium in the labormarket.25. Suppose fiscal policy makers implement a policy to reduce a budget deficit.Which of the following would occur, assuming initially the economy produces thenatural level of outputA) Output increases in the short runB) Price expectation increases before the economy reaches the new medium-runequilibrium.C) Real wage rate increases in the medium run.D) investment spending increases in the medium run.

question: For this question Assume that Y=N based on our understanding of the labor market model…

Answered: 20. For this question, assume that Y =…

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 27EQ

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