The Difference Between the Economy's Actual Output and Its Potential

question 37

Multiple Choice

The difference between the economy's actual output and its potential output at a point in time is called the

• A) budget deficit.
• B) trade deficit.
• C) output gap.
• D) full-employment rate.
• E) cyclical peak.

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Definitions:

Life Expectancy

The average period that an individual is expected to live, based on demographic factors and health conditions.

Widowers

Men who have lost their spouse through death and have not remarried.

Assisted Care Facilities

Residential settings that provide personal care and health services for individuals who cannot live independently due to health or age-related reasons.

Activity

Engagements or tasks that involve mental or physical effort done by individuals or groups, often for leisure or to achieve a result.