Long-Run Growth Is

question 143

Multiple Choice

Long-run growth is:

• A)a sustained upward trend in the economy's overall output per person, which generates higher incomes and a higher standard of living for its members.
• B)an increase in the rate of inflation across time, which reduces real salaries.
• C)an increase in the overall output of the economy over a three- or four-year period.
• D)a reduction in the price level over decades.

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Definitions:

Equilibrium Constant

A numerical value that represents the ratio of concentration of products to reactants at equilibrium in a reversible chemical reaction, under standard conditions.

Stability Constant

A quantitative measure of the stability of a complex in solution, typically represented in terms of the equilibrium constant for its formation.

Association Constant

A quantitative measure of the strength of the interaction between two molecules in a complex.

Equilibrium Constant

The equilibrium constant is a number that expresses the ratio of the concentrations of the products to the reactants at equilibrium, symbolized as K_eq in chemical reactions.