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Using the graph pictured below that shows the tons of cod catch in the North Atlantic from 1900 on, match the appropriate letter with the description given.
-What area on the graph represents a slight recovery in the collapsed fishery?
Equilibrium GDP
The level of Gross Domestic Product where aggregate supply equals aggregate demand, indicating a balance in an economy's output and expenditures.
Full Employment GDP
The total market value of all final goods and services that could be produced in a year at full employment.
Multiplier
In economics, the factor by which gains in total output are greater than the change in spending that caused it, often used in the context of fiscal policy effects.
Equilibrium GDP
The level of GDP at which total supply and total demand in the economy are equal, resulting in no inherent tendency for the economy to change its level of output.
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