The long-run aggregate supply curve is vertical because
A) the economy has yet to use all its available resources.
B) the economy has reached its potential real Gross Domestic Product (GDP) and is at full employment.
C) the economy has contracted.
D) the economy has large numbers of unemployed.
B
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Does GDP for a particular year include items produced in a previous year?
a. Nominal GDP will not and real GDP will b. Real GDP will and nominal GDP will not c. Yes for both nominal and real GDP d. No for both nominal and real GDP
The four key markets that coordinate the circular flow of income are
a. goods and services, resources, loanable funds, and foreign exchange. b. consumption, investment, stock, and government. c. government, household goods, bond, and business. d. financial, corporate, stock, and loanable funds.