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.