-The tables above show the labor market and the production function schedule for the country of Pickett. Potential GDP is

Question

Quizplus · Accepted Answer

Potential GDP is the level of GDP when all factors of production are fully employed. In the context of the labor market and production function provided, the potential GDP corresponds to the output level when the labor market is in equilibrium, meaning the quantity of labor supplied equals the quantity of labor demanded. Without the specific tables, the correct answer is based on the assumption that the equilibrium in the labor market and the corresponding output level in the production function indicate a potential GDP of $14 trillion.

-The Tables Above Show the Labor Market and the Production