If potential GDP is equal to 600 billion, what does the long-run aggregate supply curve look like?
A) It is a vertical line at a level of GDP above 600 billion.
B) It is a vertical line at 600 billion of GDP.
C) It is a horizontal line at 600 billion of GDP.
D) It is a vertical line at a level of GDP below 600 billion.
Question 2
Which of the following can explain why some countries have not experienced relatively high growth rates in real GDP per capita despite relatively low initial levels of real GDP per capita?
A) Countries that are relatively poor are more likely to experience wars and revolutions.
B) Countries that are relatively poor are likely to have a lower quality of health care.
C) Many of these developing countries do not have a functioning court system that can enforce laws.
D) all of the above
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