An increase in the working-age population results in a
A) rightward shift of demand for labor curve and an increase in potential GDP.
B) rightward shift of the demand for labor curve and no change in potential GDP.
C) rightward shift of the supply of labor curve and an increase in potential GDP.
D) leftward shift of the supply of labor curve and a decrease in potential GDP.
C
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The difference between the ________ for a good and the ________ is called consumer surplus
A) lowest price a consumer is willing to pay; price the consumer actually pays B) highest price a consumer is willing to pay; price the consumer actually pays C) highest price a consumer is willing to pay; lowest price a consumer is willing to pay D) price the consumer actually pays; actual cost to the producer
In the above figure, at the equilibrium level of real GDP, there is
A) positive saving. B) negative saving. C) zero saving. D) a negative tax rate.