How Would Each of the Following Events Affect the Level

question 33

Essay

How would each of the following events affect the level of employment and the real wage rate? Explain which curves in the labor market diagram would be affected and show your work.
(a)The stock market falls sharply.
(b)A war destroys a substantial amount of a country's physical capital.
(c)A new law reduces immigration of workers into the country.

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