What Is Potential or Full-Employment Output

question 92

Multiple Choice

What is potential or full-employment output?

• A)the maximum GDP that an economy actually achieves throughout its entire history
• B)achieved during periods when all of the labour force is employed
• C)a goal that can never be achieved by the economy
• D)the GDP that would be produced if the economy's resources were fully employed at a normal intensity of use
• E)the GDP that could be produced if the economy's resources were fully employed at their maximum intensity of use

Describe the phenomenon of electoral realignment.

Analyze the significance of notable third-party candidacies and their impact on U.S. elections.

Explain the composition and changes within major political coalitions.

Assess the factors influencing voters' decisions at the polls, including partisan loyalty and candidate characteristics.

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Definitions:

Negligence

The failure to exercise reasonable care or to take precautions that could prevent harm, leading to possible legal liability.

Personal Exemptions

Deductions allowed by the IRS on income tax returns for the taxpayer and dependents, phased out in 2018 under the Tax Cuts and Jobs Act.

Marital Status

A legal and social status defined by being single, married, widowed, divorced, or separated, impacting tax filings and benefits.

Understatement of Tax

The act of reporting less tax than is owed on one’s income tax return, either unintentionally or through deliberate omission.