Although all points on the production possibilities frontier are efficient, that alone does not determine which point is “best” for the society.
Answer the following statement true (T) or false (F)
True
Economics
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The intersection between the long-run aggregate supply and aggregate demand curves determines the:
a. marginal product. b. both level of full-employment real GDP, and average level of prices (CPI). c. average level of prices (CPI). d. level of full-employment real GDP.
Economics
The amount of new output produced per year for both consumption and additions to capital stock is measured by:
A. GDP B. Net investment C. NDP D. Net exports
Economics