Examlex
Simplify the expression and write the answer without negative exponents.
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Nominal GDP
The aggregate value of all end products and services created inside a country during a specific time, calculated in present-day prices.
Nominal Cost
The price of a good or service without adjustment for inflation, representing the current market price.
Potential Output
Potential output refers to the total amount of goods and services an economy can produce when it is operating at full capacity and efficiency, without causing inflation.
Long-run Equilibrium
A state in which all inputs and outputs in an economy are fully adjusted and there is no tendency for change.
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