When Accounting for Changes in Real GDP, Changes in the Factor-

question 63

Multiple Choice

When accounting for changes in real GDP, changes in the factor- utilization rate are most important in the

• A)long run because firms adapt to wage changes and hire more workers.
• B)short run because firms immediately build new plants to satisfy changes in demand.
• C)long run because firms need time to hire more workers or acquire additional capital.
• D)short run because firms need time to adjust their price lists.
• E)short run because firms react to changes in demand by increasing production from existing facilities.

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Definitions:

Competitive Society

A societal structure in which individuals or groups are in constant competition for resources, status, or achievement.

Pedagogic Violence

Is Bourdieu’s term for teachers’ application of punishments intended to discourage deviation from the dominant culture.

Hidden Curriculum

The tacit, unofficial teachings and values students pick up during their education, which are not part of the formal curriculum.

Cultural Capital

Non-financial social assets, such as education, intellect, style of speech, dress, or physical appearance, that promote social mobility beyond economic means.