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10.5 How the ad/as model incorporates growth, unemployment, and  (Page 10/15)

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  • Card 10 / 15:
    What impact would a decrease in the size of the labor force have on GDP and the price level according to the AD/AS model?

    A smaller labor force would be reflected in a leftward shift in AS, leading to a lower equilibrium level of GDP and higher price level.

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Source:  OpenStax, Principles of macroeconomics for ap® courses. OpenStax CNX. Aug 24, 2015 Download for free at http://legacy.cnx.org/content/col11864/1.2
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