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Figure 7.3 Real GDP (trillions of 2012 dollars) 25 26 650 20- 18 16 15 10 5 0 100 Potential GDP increases PF 200 250 300 400 Labor (billions of hours per year) Refer to Figure 7.3 above. As aggregate hours increase, potential GDP increases because of the effects of population growth in the labor market and increases real GDP but decreases real GDP per hour of labor due to O diminishing returns O increasing returns O inflation O unemployment

Figure 7.3 Real GDP (trillions of 2012 dollars) 25 26 650 20- 18 16 15 10 5 0 100 Potential GDP increases PF 200 250 300 400 Labor (billions of hours per year) Refer to Figure 7.3 above. As aggregate hours increase, potential GDP increases because of the effects of population growth in the labor market and increases real GDP but decreases real GDP per hour of labor due to O diminishing returns O increasing returns O inflation O unemployment

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Figure 7.3 Real GDP (trillions of 2012 dollars) 25 26 650 20- 18 16 15 10 5 0 100 Potential GDP increases PF 200 250 300 400 Labor (billions of hours per year) Refer to Figure 7.3 above. As aggregate hours increase, potential GDP increases because of the effects of population growth in the labor market and increases real GDP but decreases real GDP per hour of labor due to O diminishing returns O increasing returns O inflation O unemployment
Transcribed Image Text:Figure 7.3 Real GDP (trillions of 2012 dollars) 25 26 650 20- 18 16 15 10 5 0 100 Potential GDP increases PF 200 250 300 400 Labor (billions of hours per year) Refer to Figure 7.3 above. As aggregate hours increase, potential GDP increases because of the effects of population growth in the labor market and increases real GDP but decreases real GDP per hour of labor due to O diminishing returns O increasing returns O inflation O unemployment
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