In a few sentences explain what is meant by the term "crowding out effect"? Does this effect depend on the current level of employment? Show a production function relating to labor output. Then show the labor market creating some equilibrium level of labor. Relate these two charts. Show the effect of capital deepening. Explain whether each of the following would increase, decrease, or stay the same. For each you can simply write increase, decrease, or stay the same. labor demand curve, labor supply curve, production function, equilibrium wage, equilibrium employment, equilibrium GDP.In the PPC below, which point or points are currently impossible for this country to achieve? Explain in one sentence. Capalgoods 0 Consumer goods Your Answer: In the expenditure approach to calculating GDP, we add consumption, investment, government spending and net exports. In a few sentences, explain the components of net exports and why each is added or subtracted from GDP.Show a production function relating to labor output. Then show the labor market creating some equilibrium level of labor. Relate these two charts. Show the effect of technologicapmgLess. Explain whether each of the following would increase, decrease, or stay the same. For each you can simply write increase, decrease, or stay the same. labor demand curve, labor supply curve, production function, equilibrium wage, equilibrium employment, equilibrium GDP