Define the following: 5. Golden rule level of capital 6. Natural rate of output 7. Steady...

Define the following:

5. Golden rule level of capital

6. Natural rate of output

7. Steady state

8. J-curve

Solutions

Expert Solution

Answer 5)

6) Natural level of output :- The level of ouput refers where the production of goods and services that an economy achieves when employment is at its natural rate. Any change in the economy which affects natural rate of output shift the long run supply curve.

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