Use the following to answer questions: 
-(Figure: Technological Progress and Productivity Growth) Use Figure: Technological Progress and Productivity Growth. Which change in real GDP is MOST likely to have resulted from a gradual decline in property rights because of excessive government intervention?
Definitions:
Hicks Version
Refers to a model or approach in economics that elaborates on how consumer demand for goods is affected by changes in income and substitution effects.
Income and Substitution Effects
The changes in consumer behavior resulting from changes in relative prices and purchasing power, affecting choices between goods.
Utility Function
A mathematical representation of how a series of choices provides different levels of happiness or satisfaction to an individual or entity.
Budget Constraint
An economic model that represents all the combinations of goods and services that a consumer can afford, given their income and prices of goods.
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