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During an Above-Full-Employment Equilibrium, Actual GDP Is Greater Than Potential

question 366

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During an above-full-employment equilibrium, actual GDP is greater than potential GDP.


Definitions:

Liquid Water

The liquid phase of H2O, existing at temperatures between 0°C and 100°C under standard atmospheric pressure, and vital for all known forms of life.

Minerals

Naturally occurring substances, usually inorganic, with a defined chemical composition and crystalline structure.

Crystalline Rock

A rock composed of interlocking minerals that grew together; usually formed in high-temperature environments by crystallization of magma, by metamorphism, or by precipitation from hot water.

Clastic Rock

Sedimentary rocks that are composed of fragments or clasts of pre-existing minerals and rock.

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