Increases in resources and efficiency would increase potential GDP
Indicate whether the statement is true or false
TRUE
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Which of the following is a criterion by which Gordon judges the desirability of any given level of actual real GDP?
A) Actual real GDP is too low if it causes the unemployment rate to be higher than necessary. B) Actual real GDP is too high if it strains a nation's ability to produce and puts upward pressure on the inflation rate. C) Actual real GDP is at a desirable level if there is no tendency for inflation to accelerate or decelerate. D) All of the above.
A perfect-price-discriminating monopoly's marginal revenue curve
A) lies below the demand curve. B) is the demand curve. C) varies for each consumer. D) is the same as the monopolist's marginal revenue curve.
$2.98 is an example of
A) typical pricing. B) markup pricing. C) odd pricing. D) margin pricing.
When a production function is graphed with Real GDP on the vertical axis and labor on the horizontal axis, a rise in labor ________________________, and a rise in capital __________________
A) shifts the production function upward; also shifts the production function upward B) shifts the production function downward; shifts the production function upward C) moves us up along a given production function; shifts the production function upward D) shifts the production function upward; moves us up along a given production function