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Which of the following, other things the same, would make the price level increase and real GDP decrease?
Minimum-Wage Law
Legislation that sets the lowest hourly wage rate that an employer can legally pay its workers.
Labor Surplus
A situation where the supply of labor exceeds the demand for labor, often leading to unemployment.
Unemployment Insurance
A government-provided insurance that pays out when an individual loses their job and meets certain eligibility requirements.
Unemployment
A scenario in which people who are able to work and are actively looking for a job cannot secure employment.
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