Potential GDP refers to
A) the extent to which real GDP is above or below nominal GDP.
B) the difference between the highest level of real GDP per quarter and the lowest level of real GDP per quarter within any given year.
C) the level of GDP attained when all firms are producing at capacity.
D) the level of GDP attained by the country with the highest growth in real GDP in a given year.
C
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Which of the following markets is more likely to be local in nature?
a. automobiles b. television sets c. jewelry d. clothing e. potato chips
Historical note: Andrew Carnegie became an industrial mogul by consuming or buying out his competition in the _________ industry
a. oil b. steel c. rubber d. lumber e. land
Refer to the above diagram. Marginal utility:
A) increases at an increasing rate. B) becomes zero at 4 units of output. C) is found by dividing total utility by the number of units purchased. D) cannot be calculated from the total utility information.
A number of studies of the effect of immigration on U.S. wages has found:
a. no effect on wages of any educational group. b. significant rises in wages for those without a high school diploma and for college graduates but a negative impact for high school graduates and those with some college education. c. significant declines in wages for those without a high school diploma and for college graduates. d. no effect on other groups but significant declines in wages for high school graduates and those with some college