Which of the Following Does NOT Determine the Long-Run Level

question 164

Multiple Choice

Which of the following does NOT determine the long-run level of real GDP?

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

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Definitions:

Variable Costing

An accounting method that only assigns variable costs to inventory, treating fixed costs as period expenses.

Manufacturing Overhead Costs

Indirect costs associated with manufacturing, which are not directly attributable to specific units produced, such as maintenance, utilities, and salaries of indirect labor.

Net Operating Income

Earnings from a company's core business operations, excluding deductions for interest and taxes.

Gross Margin

represents the difference between revenue and cost of goods sold divided by revenue, showcasing the percentage of sales that exceeds the cost of goods sold.