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

question 47

Multiple Choice

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

• A)the price level.
• B)the amount of capital used by firms.
• C)available stock of human capital.
• D)available technology

Understand the role of mutual agreement in modifying, discharging, or terminating contracts.

Comprehend the legal effects of conditions connected to contracts.

Know the legal remedies available for non-performance and breach of contract.

Understand the principles governing the termination of contractual duties by agreement or performance.

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Definitions:

Total Revenue

The total income generated from the sale of goods or services before any costs are subtracted.

Price Elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price.

Demand Function

An equation that describes the quantity of a good or service demanded at different prices.

Utility

The satisfaction or pleasure that a consumer derives from consuming a good or service.