Exhibit 2 Macro AD-AS Model in Exhibit 2, the Long-Run

question 20

Multiple Choice

Exhibit 2 Macro AD-AS Model In Exhibit 2, the long-run aggregate supply curve represents:

• A)potential real GDP output for this economy.
• B)that the economy is experiencing zero inflation.
• C)that the economy is experiencing a recessionary gap.
• D)the level of real GDP where the unemployment rate is zero.

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Definitions:

Inter Vivos Trust

A legal arrangement where assets are transferred into a trust for the benefit of beneficiaries by the trustor during their lifetime.

Taxable Estate

The total value of an individual's estate that is considered when determining estate taxes, including all assets minus allowable deductions.

Alpha Stock

Typically refers to securities that are expected to outperform the market or their sector, based on investment analysis.

Funeral Expenses

Costs associated with burial or cremation and related services, often considered in estate planning and asset distribution.