During the Great Recession,long-Run Aggregate Supply Decreased

question 58

Multiple Choice

During the Great Recession,long-run aggregate supply decreased.This was caused by a(n)

• A) advancement in technology.
• B) decrease in income and business tax rates.
• C) increase in immigration to the United States.
• D) breakdown in the loanable funds market.
• E) increase in the U.S.labor force.

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Definitions:

Goods Manufactured

The total value or volume of products that have been completed and are ready for sale during a specific accounting period.

Ending Work

Often referred to the ending work in process (WIP) inventory, it represents the value of products that are partially completed at the end of an accounting period.

Process Inventory

Inventory that is currently in various stages of the production process but not yet completed.

Manufacturer

An individual or company involved in the process of making goods for sale through the use of raw materials, components, or assemblies.