Which of the Following Are Generally Thought by Macroeconomists to Contribute

question 52

Multiple Choice

Which of the following are generally thought by macroeconomists to contribute to growth over the long run?

• A) Growing population
• B) Rising employment
• C) Increases in plant, equipment, and other capital
• D) Improved technology
• E) b, c, and d only

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Definitions:

Manufacturing Overhead

All indirect costs associated with the manufacturing process, including but not limited to utilities, rent, and salaries of support staff.

Total Manufacturing Costs

The aggregate cost of direct material, direct labor, and manufacturing overhead incurred in the production process.

Product Cost

The total amount of costs associated with creating a product, including raw materials, labor, and overhead expenses.

Period Cost

Expenses that are incurred regardless of production levels, including selling, administrative, and other operating expenses.