Explain how each of the following factors will affect aggregate demand, aggregate supply, and potential GDP. Use diagrams to support your answer. Please note: no event shifts both aggregate demand and aggregate supply! (4)
i) The provincial government increases the minimum wage in NL to $15 per hour.
ii) China bans the importation of Canadian canola.
iii) The number of people completing post-secondary education in Canada rises significantly.
iv) The Canadian government lowers the income tax rate for all households earning less than $150,000.