Long-run growth is:
A) a sustained upward trend in the economy's overall output per person, which generates higher incomes and a higher standard of living for its members.
B) an increase in the rate of inflation across time, which reduces real salaries.
C) an increase in the overall output of the economy over a three- or four-year period.
D) a reduction in the price level over decades.
Correct Answer:
Verified
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