 Transcribed Image Text:Homework (Ch 20) Suppose the economy produces real GDP of $60 billion when unemployment is at its natural rate. Use the purple points (diamond symbol) to plot the economy's long-run aggregate supply (LRAS) curve on the graph. 132 128 LRAS 124 120 O PRICE LEVEL 112 108 104 100 Transcribed Image Text:0 10 20 30 40 50 60 70 80 OUTPUT (Billions of dollars) Suppose the government passes a law that significantly increases the minimum wage. The policy will cause the natural rate of unemployment fall ▼ , which will: Shift the long-run aggregate supply curve to the left O Not affect the long-run aggregate supply curve O Shift the long-run aggregate supply curve to the right In the following table, determine how each event affects the position of the long-run aggregate supply (LRAS) curve. Direction of LRAS Curve Shift Many workers leave to pursue more lucrative careers in foreign economies. 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Suppose the economy produces real gdp of $70 billion when unemployment is at its natural rate.
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