What is another name for a vertical line that shows the long-run aggregate supply in the aggregate demand and aggregate supply model?

a. Real GDP
b. Equilibrium GDP
c. Potential GDP
d. Long-run aggregate demand

c. Potential GDP

Economics

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The Human Development Index was proposed because

A) people confuse nominal GDP and real GDP. B) nominal GDP and real GDP are subjective measures. C) of the limitations of real GDP as a measure comparing the standard of living in different nations. D) the GDP deflator changes if the base year is changed. E) different nations have different populations.

Economics

The fact that a firm is a price-setter does not ensure it will make a positive economic profit in the short run and over time

Indicate whether the statement is true or false

Economics