In the Long Run, Changes to Real GDP Are Most

question 11

Multiple Choice

In the long run, changes to real GDP are most likely to be caused by an increase in

• A)factor prices.
• B)factor productivity.
• C)interest rates.
• D)desired consumption.
• E)factor- utilization rates.

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Definitions:

Cognitive Changes

Alterations in mental processes such as thinking, learning, and remembering that may occur due to various factors including aging, disease, or psychological conditions.

Cohort Effect

The impact on development occurring when a group of people share a common time period or common life experience.

Great Depression

A severe worldwide economic downturn that lasted throughout the 1930s, marked by high unemployment, deflation, and financial instability.

Roll Over

A movement whereby someone or something turns over completely in a horizontal or vertical axis.