If Potential GDP Is Equal to $1500 Billion,what Does the Long-Run

question 63

Multiple Choice

If potential GDP is equal to $1500 billion,what does the long-run aggregate supply curve look like?

• A) It is a horizontal line at $1500 billion of GDP.
• B) It is a vertical line at a level of GDP below $1500 billion.
• C) It is a vertical line at $1500 billion of GDP.
• D) It is a vertical line at a level of GDP above $1500 billion.

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Definitions:

Sensorimotor Stage

A Piagetian stage of infancy marked by the absence of the capacity for mental representation.

Mental Representation

An internal depiction of information.

Object Concept

The mental representation and understanding of objects, including their properties and how they relate to other objects.

Circular Reactions

Behaviors repeated over and over again, often observed in infant development, which serve to consolidate learning and motor skills.