The level of real GDP in the long run is called
A) frictional GDP. B) potential GDP.
C) low-capacity GDP. D) short-run GDP.
B
Economics
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Which of the following correctly identifies characteristics of land and capital?
A) Land and capital can both be rented and owned. B) Land is rented, whereas capital is owned. C) Land can be owned or rented, whereas capital can only be owned by a firm. D) Capital can be owned or rented by a firm, whereas land can only be owned by a firm.
Economics
An example of a good that is both rival and excludable is
A) the defense services provided by a new stealth bomber. B) a pair of pants. C) a beautiful sunset. D) an uncrowded theme park such as Walt Disney World.
Economics