Asked by Keondra Rouse on Apr 29, 2024
Verified
Which of the following factors can partly explain the long-term growth in production in the U.S.economy?
A) Trade surpluses and accumulation of precious metals
B) A gradual but consistent increase in the price level
C) Growth in population
D) Improvements in technology
E) Federal government budget deficits
Trade Surpluses
A situation in which a country's exports exceed its imports, indicating a positive balance of trade.
Precious Metals
Metals of high economic value, such as gold, silver, and platinum, often used for investment or as currency.
Price Level
The average of current prices across the entire spectrum of goods and services produced in the economy.
- Understand the factors contributing to long-term economic growth.
Verified Answer
ZK
Zybrea KnightMay 04, 2024
Final Answer :
D
Explanation :
Improvements in technology have led to increased productivity and efficiency in production, which has contributed to long-term growth in the U.S. economy. A, B, C, and E are not necessarily factors that have contributed to long-term growth in production.
Learning Objectives
- Understand the factors contributing to long-term economic growth.
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