Table 1 shows the labor market schedule and Table 2 shows the production function schedule for the country ofMoldovokia.Table 1What is potential GDP if a decrease in the population changes the quantity of labor supplied by 20 billion hours at eachreal wage rate?Real wage rate Quantity of labor Quantity of laborsupplied(billions of hours per year)demanded(2012 dollarsper hour)156020Potential GDP is $trillion.205030254040303050352060Table 2LaborReal GDP(billions of hours per year)(trillions of 2012 dollars)202.0302.7403.2503.5603.6?Enter your answer in the answer box.MacBook AirDIIDDF1220000000F10F11F7F8F9F6F4F5escF2F3F1&!@#$delete345712}PWERY[QtabHJKLASDGcaps lockM+ |Iの00

Potential GDP is nothing but the value of real GDP when all the factors of production are employed…

Table 1 shows the labor market schedule and Table 2 shows the production function schedule for the country of Table 1 Moldovokia. f labor Real wage rate Quantity of labor Quantity supplied (billions of hours per year) 20 demanded What is potential GDP if a decrease in the population changes the quantity of labor supplied by 20 billion hours at each real wage rate? (2012 dollars per hour) 15 60 20 50 30 Potential GDP is $ trillion. 40 25 40 30 30 50 35 20 60 Table 2 Real GDP Labor (billions of hours per year) 20 (trillions of 2012 dollars) 2.0 30 2.7 40 3.2 50 3.5 60 3.6

Table 1 shows the labor market schedule and Table 2 shows the production function schedule for the country of Table 1 Moldovokia. f labor Real wage rate Quantity of labor Quantity supplied (billions of hours per year) 20 demanded What is potential GDP if a decrease in the population changes the quantity of labor supplied by 20 billion hours at each real wage rate? (2012 dollars per hour) 15 60 20 50 30 Potential GDP is $ trillion. 40 25 40 30 30 50 35 20 60 Table 2 Real GDP Labor (billions of hours per year) 20 (trillions of 2012 dollars) 2.0 30 2.7 40 3.2 50 3.5 60 3.6

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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