In the above figure, when the economy is in a long-run equilibrium, real GDP will be
A) $15.5 trillion.
B) $16.0 trillion.
C) $17.5 trillion.
D) $17.0 trillion.
B
Economics
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A) small. B) obvious to people while the costs are hidden. C) less than the costs of social regulation, reducing overall welfare. D) difficult to measure.
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The inflation rate for a given year is found by taking the percentage change in the Consumer Price Index (CPI) from the base year to the year in question
a. True b. False
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