If the Economy Is at Macroeconomic Equilibrium, Then Real GDP

question 93

Multiple Choice

If the economy is at macroeconomic equilibrium, then real GDP

• A)might be equal to, greater than, or less than potential GDP
• B)must be less than potential GDP.
• C)must equal potential GDP.
• D)must be great than potential GDP.
• E)cannot be compared to potential GDP.

Understand the structure and purpose of a T account.

Determine the normal balance of various account types.

Analyze the transaction to record it appropriately in the accounting system.

Understand the expanded basic accounting equation.

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Definitions:

Transfer Warranty

A guarantee in legal documents, especially in sales of goods, assuring the recipient that the transferor has valid title and that the transfer is rightful.

Presentment Warranty

Assurance given in a transaction that certain facts are true as of the time of the deal, generally related to financial instruments.

Draft

A preliminary version of a document, plan, or design that is open for discussion, revision, or improvement.

Forged

Refers to the illegal creation, alteration, or imitation of documents, signatures, or objects with the intent to deceive.