Choose which statement is most correct.
A) Real GDP can never exceed potential GDP.
B) Real GDP must always equal potential GDP.
C) At times,real GDP can exceed potential GDP.
D) Nominal GDP can never exceed potential GDP.
E) Nominal GDP must always equal potential GDP.
Correct Answer:
Verified
Q23: Which of the following statement or statements
Q24: A country reports that its actual real
Q25: Over the business cycle,real GDP fluctuates around
A)the
Q26: The idea of "diminishing returns" means that
Q27: The production function is a relationship between
Q29: As an economic expansion approaches its peak,it
Q30: Which of the following is true?
A)Real GDP
Q31: Diminishing returns means that
A)each additional unit of
Q32: The production function displays
A)increasing returns.
B)real returns.
C)diminishing returns.
D)average
Q33: To determine GDP from the production function,we
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