24. Long-run growth in real GDP is determined primarily by , while short-run movements in real GDP are associated with . a. variations in labor-market utilization; technological progress b. technological progress; variations in labor-market utilization c. money supply growth rates; changes in velocity d. changes in velocity; money supply growth rates

Technological progress refers to the technological advances or innovations through which it is possible to produce more output using the same level of input or produce same level of output using lesser inputs.

Real GDP measures the change in economic output at constant prices.

In the long run real GDP will not be affected by change in market prices. The long run growth happens because of technological progress.

In the short run the changes in real GDP will happen because of variations in labor market utilization.

Since real GDP is measured on constant prices, it will increase when there is an increase in economic output. Output can be increased by employing more inputs.