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Microeconomics
Posted 7 months ago
Economic growth is best defined as
Choose 1 answer:
(A) an increase in nominal GDP.
(B) any increase in nominal GDP per capita.
(c) a sustained increase in real GDP per capita over time.
(D) any amount of inflation.
(E) an increase in real GDP.
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Answer from Sia
Posted 7 months ago
Solution
a
Definition of Economic Growth: Economic growth is best defined as a sustained increase in real GDP per capita over time
Answer
(C) a sustained increase in real GDP per capita over time.
Key Concept
Economic growth refers to the long-term expansion of the productive potential of the economy, measured by the increase in real GDP per capita.
Explanation
Real GDP per capita accounts for inflation and population growth, providing a more accurate measure of economic well-being and productivity over time.
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