According to the Text, Which of the Following Can Be

question 51

Multiple Choice

According to the text, which of the following can be used to approximate potential output?
i. Assume a perfectly smooth trend is passing through the quarter-to-quarter movements in the real GDP.
ii. Survey leading economists.
iii. Gather current data from statistical agencies, such as the Bureau of Economic Analysis.

• A) i only
• B) ii only
• C) ii and iii
• D) i and ii
• E) iii only

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Definitions:

Administrative Budget

A budget focusing on non-production expenses which includes costs related to running a business such as administrative salaries and office supplies.

Supply Function

The relationship between the price of a good and the quantity supplied, typically showing a positive correlation.

Expenses

Costs incurred in the course of business operations or activities, including operational costs, salaries, and utilities.

Information Technology Costs

Expenses associated with the implementation, maintenance, and usage of information technology, including hardware, software, and services.