Use the Following to Answer Questions

question 216

Multiple Choice

Use the following to answer questions:
-(Figure: Technological Progress and Productivity Growth) Use Figure: Technological Progress and Productivity Growth. Which change in real GDP is MOST likely to have resulted from an increase in the quality (as well as quantity) of government spending on education?

• A) A to B
• B) B to A
• C) B to C
• D) C to B

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Definitions:

Law Of Supply

The principle that, all else equal, an increase in the price of a good will result in an increase in the quantity supplied.

Suppliers

Entities or individuals that provide goods or services to consumers, businesses, or other organizations.

Good

A physical item that is produced and can be offered to the market to satisfy a want or need.

Market Price

The price of a commodity when sold in a given market, determined by supply and demand dynamics.