There are two basic ways a nation can increase long-run real GDP
a. Create more money and increase government spending.
b. Current account surpluses and education.
c. Provide more and/or better inputs to the production process and improve the efficiency of the production process.
d. Reduce nominal interest rates and increase consumption and investment.
e. All of the above.
.C
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Production data for Joe's Pizza Parlor are as follows. For simplicity assume that labor is the only input. Each pizza sells for $5. Number of WorkersPizzas Baked Per Day00110218324430532How many workers will Joe hire if he must pay each one $25 a day?
A. 1 B. 2 C. 3 D. 4
Economic growth ________
A) is driven by different elements in different economies B) is driven primarily by digital technology C) is driven primarily by labor growth D) cannot be explained using economic models
Price elasticity of demand is a useful tool for classifying firms that exist within the same market
Indicate whether the statement is true or false
The ________ shows the relationship between the price level and quantity of real GDP demanded
A) consumer price index B) aggregate expenditure line C) 45-degree line D) aggregate demand curve