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terms

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
Business cycle   Alternating periods of economic expansion and economic recession.  
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Long-run Economic Growth   The process by which rising productivity increases the average standard of living.  
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Labor Productivity   The quantity of goods and services that can be produced by one worker or by one hour of work.  
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Capital   Manufactured goods that are used to produce other goods and services.  
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Potential   The level of real GDP attained when all firms are producing at capacity.  
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