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The letters Y, C, Ig, X, and M stand for GDP, consumption, gross investment, exports, and imports respectively.Figures are in billions of dollars.Ca = 25.75(Y - T ) Ig = Ig0 = 50
Xn = Xn0 = 10
G = G0 = 70
T = T0 = 30
Refer to the above information.If government desired to raise the equilibrium GDP to $650, it could:
Minimum Wage
The lowest legal wage that employers can pay workers, set by government policy with the aim to ensure a minimum standard of living for employees.
Normative Economics
A branch of economics that expresses value judgments about economic fairness or what the economy should be like.
Minimum Wage
The lowest legal hourly wage that an employer can pay an employee.
Employment Among Teenagers
This term refers to the participation of individuals aged 13 to 19 in the labor force, including both those employed and seeking employment.
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