The base period is usually a year: From which changes in relative prices are com

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The base period is usually a year: From which changes in relative prices are computed. From which data were first collected. Used for comparing the data for other years. In which a series of data reaches an extreme (high or low) point. Short-run growth: Moves the economy closer to the production possibilities curve, while long-run growth shifts that curve outward Increases capacity, while long-run economic growth increases capacity utilization. Shifts the aggregate supply curve outward, while long-run economic growth moves the economy up the And long-run growth both shift the aggregate supply curve outward.

Explanation / Answer

16. Ans: used for comparing the data for other years

Explanation: A base period is generally used as a benchmark for measuring financial or economic data.

17. Ans: And long run growth both shifts the aggregate supply curve outward

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