What Is Another Term for 'Potential GDP

question 22

Multiple Choice

What is another term for 'potential GDP'?

• A) Realised GDP
• B) Unemployment GDP
• C) Full-employment GDP
• D) Balanced-budget GDP

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Definitions:

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments determined by private decision, and by prices, production, and the distribution of goods determined primarily by competition in a free market.

Organic Solidarity

A type of social cohesion that arises when individuals in a society are interdependent but hold to varying tasks and responsibilities, characteristic of complex, industrial societies.

Collective Conscious

A shared set of beliefs, morals, and attitudes that operate as a unifying force within society; sometimes spelled as "collective conscience."

Commodity Production

The production of goods and services for exchange on the market with the goal of earning a profit, central to capitalist economies.