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The level of output that corresponds to the full employment of the labor force: a. is also...

Question:

The level of output that corresponds to the full employment of the labor force:

a. is also called potential GDP.

b. shifts to the right as the economy accumulates more resources.

c. continuously shifts to the right over time as technological advances take place.

d. all of the above

Gross Domestic Product (GDP):

In the domain of economics, the gross domestic product (GDP) is determined by taking a sum of the market value of all finished goods and services produced in the economy. The GDP or output value is governed by the level of resources deployed in the economy.

Answer and Explanation: 1

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The correct answer is option d. all of the above.

The Gross Domestic Product (GDP) or output corresponding to the full employment of the labor force...

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Full Employment GDP: Definition and Examples

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Chapter 8 / Lesson 2
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Learn the full employment definition and understand how full employment output is represented in economics. Study different perspectives of full employment GDP.


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