List the four broad categories of factors of production

Once supply side effects are taken into account, tax cuts for labor income can change

i. the supply of labor. ii. potential GDP. iii. the growth rate of potential GDP. A) iii only B) ii only C) i only D) i and ii E) i and iii

Which of the following correctly describes the condition that generates the equilibrium levels of price and aggregate output in the economy?

a. When the U.S. budget is balanced b. When aggregate quantity demanded is maximized c. When aggregate supply minus aggregate demand equals the price level d. When aggregate demand equals aggregate supply