5. The slope and position of the long run aggregate supply curve Suppose the Fed doubles the growth rate of the quantity

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5. The slope and position of the long run aggregate supply curve Suppose the Fed doubles the growth rate of the quantity of money in the economy. In the long run, the increase in money growth will change which of the following? Check all that apply. The inflation rate The quantity of physical capital The price level The size of the labor force Suppose the economy produces real GDP of $50 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

PRICE LEVEL 132 128 124 120 116 112 108 104 100 O * 10 20 plot the economy s long run aggregate suppry (LKAS) curve on the grapo ? 30 40 30 OUTPUT (Bilions of dollars) 60 70 80 Suppose the government passes a law that significantly increases the minimum wage. The policy will cause the natural rate of unemployment to which will: O Shift the long-run aggregate supply curve to the left LRAS

Suppose the government passes a law that significantly increases the minimum wage. The policy will cause the natural rate of unemployment to which will: W rise Shift the long-run aggregate supply curve to the left fall Shift the long-run aggregate supply curve to the right O Not affect the long-run aggregate supply curve 4 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. A scientific breakthrough significantly increases food production per acre of farmland. A government sponsored training program increases the skill level of the workforce.