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The Long-Run Trend in Real GDP Is Upward

question 114

Essay

The long-run trend in real GDP is upward. How is this possible given business cycles? What explains the upward trend?


Definitions:

Social Speech

Speech intended to be understood by a listener.

Fast Mapping

Process by which a child absorbs the meaning of a new word after hearing it once or twice in conversation.

Scaffolding

Temporary support to help a child master a task.

Overgeneralizing

Involves making broad conclusions or rules based on a single or few instances, often leading to inaccurate judgments or stereotypes.

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