Outputs

Question 1

Nominal Output

Answer 1

Level of output produced in a country for a given yr measured in prices for that yr

Question 2

Real Output

Answer 2

level of output produced in a country for a given year measured in prices for a base year

Question 3

Potential output

Answer 3

Level of output that an economy is capable of producing when all its FOPS are fully employed

Question 4

If actual output produced< potential output

Answer 4

there are unemployed resources in the economy