price levels of countries

___ is the amount of real GDP an economy can produce by fully employing its existing levels of labor,

physical capital, and technology, in the context of its existing market and legal institutions.

Select the two correct answers below.

Select all that apply:

  • Full-employment GDP
  • GDP
  • Potential GDP
  • Real GDP

2.Factors that may change net exports are

Select all that apply:

  • changes in the price levels of countries
  • changes in the relative growth rates of countries.
  • changes in domestic consumption of US goods
  • changes in government spending

3.Although you can make a purchase with a credit card, _______.

Select the two answers below that correctly fill in the blank.

Select all that apply:

  • it is not considered money.
  • it is considered as a long-term loan.
  • it is considered as a short-term loan.
  • it is not considered as a reliable way to purchase goods and services.

4.t he long run aggregate supply curve is

Select the correct answer below:

a)horizontal at a fixed price level

b)vertical at the full employment level of GDP

c)upward sloping, illustrating the tradeoff between inflation and GDP

d)downward sloping, illustrating a negative relationship between price level and GDP

5.Economic adjustments can be slow if

Select the correct answer below:

a.people cannot form expectations about the future

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