What does the GDP gap measure?
What will be an ideal response?
The GDP gap = potential real GDP ? actual real GDP. It measures the loss of potential output associated with unemployment which can never be realized (it measures the economic cost of unemployment).
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Figure 18.2Refer to Figure 18.2. The opportunity cost of producing spears in Macadamia is:
A. 3/4 of a fishing pole. B. 5/6 of a fishing pole. C. 6/5 fishing poles. D. 4/3 fishing poles.
Explain how monopolistic ally competitive producers try to improve on the condition of just breaking even in the long run. Is this improvement a benefit for consumers?
What will be an ideal response?
A market with well-established rules and structure is a(n) ________ market.
A. formal B. informal C. specific D. general
Read Eye on the Benefit and Cost of School on p. 15 and explain why both you and Clayton Kershaw made the right decision
What will be an ideal response?