Unformatted text preview: GDP part) 4. Some economists think that labor supply is better-described as having a positive, but not infinite, slope. Explain two things we’ve seen in the data that might support that belief. 5. If labor supply had been upward-sloping, rather than vertical, in your graphs for question 2-3, would the impact on GDP have been larger or smaller?? Explain briefly. 6. If we are borrowing from foreigners, what does that mean for GDP today? What does it mean for GDP in the future? Explain....
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This note was uploaded on 03/28/2012 for the course ECON 102 taught by Professor Drozd during the Fall '08 term at University of Wisconsin.
- Fall '08