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

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Definitions:

Single-Step Income Statement

An income statement format that calculates net income using a single subtraction of total expenses from total revenue.

Fiscal Year

A fiscal year is a one-year period that companies and governments use for financial reporting and budgeting, which does not necessarily coincide with the calendar year.

Ledger Adjustments

Entries made in the general ledger to correct errors, update account balances, or reallocate funds across accounts.

Multiple-Step Income Statement

An income statement format that separates operating activities from non-operating activities, distinguishing between sales and expenses directly related to the business's primary operations and other sources or uses of income.