Examlex
If the economy is at equilibrium above potential output, there is a(n) _____ gap, and _____ fiscal policy is appropriate.
Income
The total money received by an individual or household from various sources like wages, investments, and benefits, over a specific period.
Utility Function
A mathematical representation that describes how the total utility of a consumer depends on the consumption of various goods and services.
Budget Line
A visual depiction of every potential pair of two products a consumer is able to buy based on their earnings and the costs of these items.
Utility Function
A mathematical representation of how different quantities of goods or services translate into levels of happiness or satisfaction for an individual or society.
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