The Federal Reserve System was created in

If real GDP exceeds potential GDP, this means that

a. output is below the level produced at the benchmark rate for high employment and high rate of resource utilization. b. this cannot occur; the economy can never be at a point where real GDP exceeds potential GDP. c. cyclical output is above what the economy can sustain in the long-run. d. the economy is expanding.

Household production is more likely to occur when

a. it requires many specialized resources b. technology makes it more costly than market production c. tax avoidance is undesirable d. less control over the final product is desirable e. the opportunity cost of household work is relatively small