In the Long Run, Real Output Can Be Less Than

question 145

True/False

In the long run, real output can be less than, equal to, or greater than the economy's potential output.

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Definitions:

Land Ordinance

A reference to the Land Ordinance of 1785, a law aimed at orderly settlement and division of territory into townships in the United States.

Land Ordinance

Legislation passed by Congress under the Articles of Confederation that established a systematic and orderly process for surveying, selling, and settling lands in the western territories.

Tariffs

Taxes imposed by a government on imported or exported goods.

Land Surveying

The measurement and mapping of land boundaries, topography, and features to determine property lines and design construction projects.