Examlex
Which of the following is not available to the appellate court?
Long-Run Aggregate Supply
The Long-Run Aggregate Supply represents the total production of goods and services in an economy at full employment, unaffected by short-term fluctuations.
Recessionary Gap
Occurs when the actual output of an economy is less than the potential output, indicating underutilized resources.
Actual Output
The actual total value of goods and services produced by an economy over a specific period.
Potential Output
Potential output refers to the maximum amount of goods and services an economy can produce when it uses its resources fully and efficiently, without prompting inflation.
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