Potential GDP is defined as
A) the amount of GDP produced if there is no structural unemployment.
B) the level of GDP attained when all firms are producing at capacity.
C) the maximum of GDP that the economy can produce.
D) the amount of GDP produced if there is no frictional unemployment.
B
Economics
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The figure above shows the U.S. demand and U.S. supply curves for cherries. At a world price of $2 per pound once international trade occurs, the production of cherries in the United States will equal
A) 200,000 pounds. B) 400,000 pounds. C) 600,000 pounds. D) 800,000 pounds. E) 0 pounds.
Economics
Refer to the table shown. If the number of workers is three, total output is:Number of workersMarginal product of workers1225394145166177188189171015
A. 16. B. 27. C. 9. D. 36.
Economics