Which of the Following Is Not a Determinant of the Long-Run

question 12

Multiple Choice

Which of the following is not a determinant of the long-run level of real GDP?

• A)the price level
• B)the supply of labor
• C)available natural resources
• D)available technology

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Definitions:

Salvage Values

The estimated residual value of an asset at the end of its useful life, determining its value when it can no longer be used for its primary purpose.

Asset Retirement

The process of removing a long-term asset from the company's balance sheet once it is taken out of service, including the associated removal costs.

Public Welfare

Government efforts and programs designed to support the well-being of the population, including health care, education, and social services.

Double-Declining Balance

A method of accelerated depreciation where an asset's value decreases at double the rate of traditional straight-line depreciation.