Examlex
Which of the following could explain why there is an increase in potential GDP but the equilibrium level of GDP does not rise?
Primary Labor Market
Refers to high-skilled, high-paying jobs that usually require a higher level of education or training, often offering benefits and job security.
High School Diploma
A certificate awarded upon successful completion of secondary education, signifying that the recipient has met the required educational standards.
Income Effect
Adjustments in the income of people or economic systems and the consequent impacts on how much of a good or service is desired.
Substitution Effect
The change in consumption resulting from a change in the price of a good, leading consumers to replace more expensive items with cheaper alternatives.
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