In the Long Run, What Determines the Level of Total

question 51

Multiple Choice

In the long run, what determines the level of total production of goods and services in an economy?

• A)the interest rate and the amount of national saving
• B)the quantity of capital and labor and production technology
• C)consumption, investment, and government spending
• D)the marginal products of capital and labor, constant returns to scale, and competition

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Definitions:

Factions

Groups within a larger group that have slightly different beliefs or interests and sometimes compete with each other.

Soccer Enthusiasts

Individuals with a keen interest and passion for the sport of soccer.

Fashion

The prevailing style or custom as in dress or behavior, often changing and trending among people or social groups.

Group Deviate

A team member who holds an opinion different from the rest of the group; group members may spend considerable talk time trying to change this person’s opinion.