Potential GDP in Australia

question 1

Multiple Choice

Potential GDP in Australia:

• A)does not change much over time.
• B)grows as the economy grows.
• C)changes over the business cycle.
• D)declines over time.

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Definitions:

Demonstrating

The act of showing or explaining how something works or proving something through evidence or argument.

Industry

The sector of an economy that is concerned with production of goods, extraction of minerals, or the provision of services.

Industrious

Characterized by hard work, diligence, and a strong dedication to achieving goals or completing tasks.

Inferior

Referring to something of lower quality or rank.