The Level of Real GDP in the Long Run Is

question 166

Multiple Choice

The level of real GDP in the long run is

• A)potential GDP.
• B)affected by changes in the price level.
• C)determined solely by aggregate demand.
• D)the same as the level of nominal GDP in the long run.
• E)the maximum possible GDP in any given period.

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Definitions:

Oils

Organic compounds that are liquid at room temperature and are hydrophobic, not mixing with water but mixing with other oils and organic solvents.

Carbohydrate

Organic compounds made up of carbon, hydrogen, and oxygen that serve as a major source of energy in the diet of animals, including sugars, starch, and cellulose.

Saccharide

A saccharide is a sugar or a substance made up of sugar molecules, ranging from simple monosaccharides like glucose to complex polysaccharides like starch.

Term

A word or phrase used to describe a specific concept or a period of time.