Economic Growth Is Represented by A

question 139

Multiple Choice

Economic growth is represented by a:

• A) leftward shift of a production possibilities curve.
• B) rightward shift of the long-run aggregate supply curve (LRAS).
• C) horizontal long-run aggregate supply curve (LRAS).
• D) downward shift of an aggregate production function.

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Definitions:

Net Income

The amount of money remaining after all operating expenses, taxes, and costs have been subtracted from total revenues.

Sales

Sales refer to the revenue earned from selling goods or services over a period of time.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a specific period.

Inventory

Inventory refers to the goods and materials that a business holds for the ultimate goal of resale or processing.