New 55% Off on All Courses - Enroll Now! Click Here

    Question

    Which of the following explains the term economic

    growth?
    A Increase in per capita production Correct Answer Incorrect Answer
    B Increase in per capita real income Correct Answer Incorrect Answer
    C structural change in the economy Correct Answer Incorrect Answer
    D All of these Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Solution: Increase in per capita production , Increase in per capita real income and structural change in the economy explains economic growth. economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy over time. Statisticians conventionally measure such growth as the percent rate of increase in real gross domestic product, or real GDP.

    Practice Next

    Relevant for Exams: