Multiple Choice
Use the following to answer questions.
Exhibit: Aggregate Production Function, Labor Market, and LRAS
-(Exhibit: Aggregate Production Function, Labor Market, and LRAS) If a change in technology moves the aggregate production function in Panel (a) upwards, what happens to the economy's potential output?
A) Potential output remains unchanged.
B) Potential output increases.
C) Potential output decreases.
D) Potential output could increase or decrease depending on what happens in the labor market.
Correct Answer:

Verified
Correct Answer:
Verified
Q6: Which of the following occurred during the
Q7: If the rate of growth of output
Q8: Economists do not use actual values of
Q9: Real GDP tends to fluctuate around potential
Q10: Holding all else constant, a country's standard
Q12: During the industrial revolution, the United States
Q13: Define economic growth. Why is it described
Q14: Use the following to answer questions .<br>Exhibit:
Q15: Use the following to answer question .<br>Exhibit:
Q16: To assess changes in average standards of