In Long-Run Equilibrium, What Is the Relationship Between Actual and Potential

question 69

Multiple Choice

In long-run equilibrium, what is the relationship between actual and potential output?  

• A) Actual output can exceed potential output. 
• B) Potential output can exceed actual output. 
• C) Actual output must equal potential output. 
• D) Actual output may be more than potential output or it may be less than potential output.

Understand the legal requirements for a valid will.

Identify the practical first steps in estate planning.

Describe the characteristics and purposes of various types of trusts, including Testamentary trusts and Credit-Shelter trusts.

Recognize the non-legally binding nature of a letter of last instruction and its potential contents.

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Definitions:

Best Defence

The most effective legal argument or strategy used to achieve a favorable outcome in a legal case.

Innuendo

A statement or remark that indirectly suggests something derogatory, but does so without stating it directly.

False Rumour

An unfounded or untrue piece of information spread among people, which can potentially cause harm or misunderstanding without being based on facts.

Fair Comment

A legal defense in defamation cases, protecting statements made as opinion rather than fact, provided they are not malicious and are on a matter of public interest.