Using the data in the above table, if potential GDP for this economy is $25 billion, then at the present moment real GDP is
A) less than potential GDP.
B) equal to potential GDP.
C) greater than potential GDP.
D) at the full-employment level of output.
E) not comparable to potential GDP.
A
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In the above figure, a minimum wage of ________ would result in employment of ________
A) W2; L1 B) W2; L2 C) W1; L1 D) W1; L2
Government payment of a per-unit subsidy for medical care causes the out-of-pocket price that consumers pay for care to be
A) less than the price that producers receive for providing care. B) greater than the price that producers receive for providing care. C) greater than the market clearing price without the subsidy. D) equal to zero.
Net unilateral transfers would appear in a nation's
A) current account. B) capital account. C) official reserve transaction account. D) financial account.
A budget surplus exists when
A. tax receipts < government expenditures + transfers. B. tax receipts > government expenditures + transfers. C. government expenditures ? transfers > tax receipts. D. government expenditures > transfers + tax receipts.