From 2010 to 2016, _____

question 179

Multiple Choice

From 2010 to 2016, _____

• A) real GDP expanded and output was below potential output.
• B) real GDP expanded and output was above potential output.
• C) nominal GDP expanded and output was below potential output.
• D) nominal GDP expanded and output was above potential output.
• E) real GDP and output were unchanged.

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Definitions:

Tax

A mandatory monetary fee or different kind of charge placed on a taxpayer by government authorities to finance government operations and diverse public expenses.

Consumer Surplus

The divergence between the amount consumers are prepared to pay and the amount they actually pay for a good or service.

Excise Tax

A tax imposed on specific goods, services, or transactions, often with the aim of discouraging their use or raising revenue.

Hamburgers

A popular fast-food item typically made of ground beef, chicken, or other meats, served inside a split bun.