AP Macroeconomics Quiz
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LONG-RUN CONSEQUENCES OF STABILIZATION POLICIES
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A country's government funds basic research that leads to new production technologies, and private firms respond by increasing investment in new equipment over many years. Real GDP per capita rises persistently across decades in constant dollars, even though short-run recessions still occur. Based on the information shown, which statement best identifies the cause of the long-run increase in real GDP per capita?
Primary driver: technological progress; secondary reinforcing factor: physical capital accumulation.
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