Which of the following is true when an economy is in long-run equilibrium?
a. Actual output can exceed potential output
b. Potential output can exceed actual output.
c. Actual output must equal potential output.
d. Real GDP must equal nominal GDP.
e. Expected price level can exceed actual price level.
c
Economics
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Over the period from 1971 to 2012, the U.S. Gini ratio for household income ________, which means income inequality in the United States ________
A) increased; increased B) increased; decreased C) decreased; increased D) decreased; decreased
Economics
What is cost-benefit analysis? Suppose that you were asked to do a cost benefit analysis of tearing down an elderly woman's ancestral home to provide space to expand a local high school. What difficulties might you encounter?
What will be an ideal response?
Economics