Which one of the following best describes economic growth? Select one: a. an increase in real GDP per capita over time, where GDP per capita is real output divided by population. b. a sustained increase in nominal GDP occurring over time. c. an increase in the value of final goods and services produced within the borders of the country in a one-year period. d. an absolute change of GDP or GDP per capita over time.
Which one of the following best describes economic growth? Select one: a. an increase in real GDP per capita over time, where GDP per capita is real output divided by population. b. a sustained increase in nominal GDP occurring over time. c. an increase in the value of final goods and services produced within the borders of the country in a one-year period. d. an absolute change of GDP or GDP per capita over time.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Which one of the following best describes
Select one:
a.
an increase in real
b.
a sustained increase in nominal GDP occurring over time.
c.
an increase in the value of final goods and services produced within the borders of the country in a one-year period.
d.
an absolute change of GDP or GDP per capita over time.
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