In Macroeconomic Analysis,the Assumption That Potential Output (Y*)is Changing Is

question 131

Multiple Choice

In macroeconomic analysis,the assumption that potential output (Y*) is changing is a characteristic of

• A)the short run.
• B)the adjustment process.
• C)the national accounts model.
• D)the long run.
• E)the business cycle model.

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Definitions:

Quotas

Limits set by a government on the quantity of a good that can be imported or exported during a specified time period.

Price Ceilings

Government-imposed limits on the prices that can be charged for goods and services to prevent them from becoming too expensive.

Quantity Controls

Government-imposed limits on the quantity of a good that can be produced or sold in the marketplace.

National Football League

The National Football League (NFL) is a professional American football league consisting of 32 teams, divided between the National Football Conference (NFC) and the American Football Conference (AFC).