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The maximum quantity that an economy can produce, given its existing levels of labor, physical capital, technology, and
institutions, is called:
(A) real GDP.
(B) potential GDP.
© aggregate supply.
(D) aggregate demand.
( Listen

Ask by Hill Turnbull. in the United States
Mar 30,2025

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The answer is (B) potential GDP.

Solución

  1. The question asks for the definition of the maximum quantity an economy can produce given its resources.
  2. This refers to the production possibilities frontier when full employment and efficient use of resources are achieved.
  3. In macroeconomics, this maximum potential output is typically known as .
  4. Therefore, the answer is:
.

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Beyond the Answer

Potential GDP is like the superhero version of an economy’s output—it represents the highest sustainable level of output when all resources are fully employed. Imagine this: factories running at full speed, workers working their magic in tandem, and innovation being unleashed in all its glory. It’s that sweet spot where the economy can grow without causing inflation!
On the real-world front, understanding potential GDP helps policymakers make informed decisions. When an economy surpasses this level, it might be a sign of overheating, leading to inflation. Conversely, if output falls below potential GDP, it signals underutilized resources—like a supercar stuck in traffic! This insight enables governments and central banks to calibrate their strategies to steer toward that ideal production capacity.

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