If you were the president of a developing country what are s

If you were the president of a developing country, what are some of the specific policies you would promote to accelerate economic growth? Path: p WordsO ? QUESTI 10 points Save Answer Suppose the minimum wage increased to $15. What impact would this have on aggregate demand? What about aggregate supply? What would be the combined effect on equilibrium price level and output? T TTArial Path: p Words:0

Solution

1) To promote economic growth development of infrastructure , human capital building , health care and environmental protection are some measures that should be taken .

2) If minimum wage increases unemployment would rise . People receiving higher wages wpuld demand more but that would be offset by increased unemployment . Aggregate supply will also fall because now producers have to pay more wages . Output will decrease and price will rise since the input labor has become costlier now .