People who are working up to 34 hours per week but would like to work more are considered

In the above diagram, what happens if the real GDP is $3 trillion? $5 trillion? $7 trillion? What is the equilibrium level of real GDP? Why?

What will be an ideal response?

Which of the following is prerequisite of successful market economies?

A. the existence and enforcement of property rights B. a tax system that redistributes income from the rich to the poor C. the ability of the government to appropriate economic profits beyond a certain amount to ensure equality in income distribution D. a military presence to ensure political freedom