An Economic Analysis of the Short Run Is Useful to Explain

question 54

Multiple Choice

An economic analysis of the short run is useful to explain

• A) how deviations of real GDP from potential output can and do occur.
• B) how deviations of nominal GDP from potential output can and do occur.
• C) why the long-run aggregate supply curve is vertical.
• D) how an economy's maximum output is determined.

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Definitions:

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Unique abilities or characteristics of an organization that provide a competitive advantage and can't be easily replicated by competitors.

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