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Suppose now the government passes a law that significantly increases the minimum wage. This change in policy will cause the natural rate of unemployment to which will: O Shift the long-run aggregate supply curve to the left Not impact the long-run aggregate supply curve Shift the long-run aggregate supply curve to the right

Suppose now the government passes a law that significantly increases the minimum wage. This change in policy will cause the natural rate of unemployment to which will: O Shift the long-run aggregate supply curve to the left Not impact the long-run aggregate supply curve Shift the long-run aggregate supply curve to the right

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter23: Aggregate Demand And Aggregate Supply
Section: Chapter Questions
Problem 2CQQ
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Suppose now the government passes law that significantly increases the minimum wage. This change in policy will cause the natural rate of unemployment to which will: Shift the long-run aggregate supply curve to the left Not impact the long-run aggregate supply curve Shift the long-run aggregate supply curve to the right Complete the following table by determining how each event impacts the position of the long-run aggregate supply (LRAS) curve. An investment tax credit increases the rate at which firms acquire machinery and equipment. The government allows more immigration of working-age adults who find work. For environmental and safety reasons, the government requires that the country's nuclear power plants be permanently shut down. Direction of LRAS Curve Shift Save & Continue Continue without saving
Transcribed Image Text:Suppose now the government passes law that significantly increases the minimum wage. This change in policy will cause the natural rate of unemployment to which will: Shift the long-run aggregate supply curve to the left Not impact the long-run aggregate supply curve Shift the long-run aggregate supply curve to the right Complete the following table by determining how each event impacts the position of the long-run aggregate supply (LRAS) curve. An investment tax credit increases the rate at which firms acquire machinery and equipment. The government allows more immigration of working-age adults who find work. For environmental and safety reasons, the government requires that the country's nuclear power plants be permanently shut down. Direction of LRAS Curve Shift Save & Continue Continue without saving
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