Consider the following statement: "real gdp is currently $17.7 trillion, and potential real gdp is $17.4 trillion. if congress and the president would decrease government purchases by $300 billion or increase taxes by $300 billion, the economy could be brought to equilibrium at potential gdp." if government purchases were to decrease by $300 billion or if taxes were increased by $300 billion, the equilibrium level of real gdp would decrease by a. more than $300 billion. b. less than $300 billion. c. exactly $300 billion. d. none of the above; equilibrium real gdp would actually increase. therefore, the statement above is ▼ correct incorrect .

Identify whether the statements are true or false by dragging and dropping the appropriate term into the bin provided. long-run economic growth is unlikely to be sustainable because of finite natural resources. in the modern economy, countries that possess few domestic natural resources essentially have no chance to develop economically. finding alternatives to natural resources will be very important to long-term economic growth. in the modern economy, human and physical capital are generally less important in productivity than natural resources. in the 19th century, countries with the highest per capita gdp were nearly always abundant in minerals and productive farming land.