Potential GDP Is the Level of

question 263

Multiple Choice

Potential GDP is the level of

• A)GDP that is impossible to achieve.
• B)real GDP that the economy could produce at full employment.
• C)nominal GDP that is smaller than the real GDP.
• D)GDP that fluctuates around actual GDP.
• E)GDP that would be produced if all workers were fully employed and there was no unemployment.

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Definitions:

Formal Decision

A decision made through established processes or protocols, often documented and official in nature.

Unfair Labor Practice

Actions by employers or unions that violate the rights of employees or the organization’s rules set by labor relations boards.

NLRB

Stands for the National Labor Relations Board, an independent US federal agency responsible for enforcing US labor law in relation to collective bargaining and unfair labor practices.

Union Boycotting

A strategy used by labor unions to pressure companies or individuals by discouraging or preventing purchases of products or services.