ECON-1012-C-Introduction to Macroeconomics

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Figure 6.3.3

Refer to Figure 6.3.3, which shows the economy's labour market. What changes occurred in this economy?

A decrease in the working-age population raised the real wage rate, but the economy's potential GDP decreased.

100%

An increase in labour productivity increased the real wage rate, but the economy's potential GDP did not change.

0%

An increase in the working-age population increased employment, which increased potential GDP.

0%

An increase in labour productivity increased employment, which increased the economy's potential GDP.

0%

An increase in labour productivity increased employment, but the economy's potential GDP was unchanged.

0%

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