Identify the two major ways economic growth is measured
Please provide the best answer for the statement.
Economic growth can first be defined and measured as an increase in real GDP occurring over a period of time. Economic growth can also be defined and measured as an increase in real GDP per capita occurring over a period of time. Economic growth is usually calculated as an annual percentage rate of growth.
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The main reason the United States' standard of living is higher than that of India and China is that we have more
A. land. B. labor. C. capital. D. money.
You notice that the price of orange juice at your local grocery store has increased. Which of the following statements is not a possible explanation for the rise in the price of orange juice? a. Frosty weather destroys oranges causing the price of oranges to increase
b. As a result of an increase in income, consumers wish to purchase more orange juice at every price level. c. A recent scientific study is reported in the press that suggests that apple juice may be contaminated with pesticides. d. Due to the bioengineering of orange trees, the domestic supply of oranges increases.
Which of the following might explain a decrease in national saving when the tax rate on savings is reduced?
a. its income effect on saving and its effect on the government budget b. its income effect on saving but not its effect on the government budget c. its effect on the government budget but not its income effect on saving d. neither its income effect on saving nor its effect on the government budget
If Kobe, an NBA star athlete, earns $10 million per year but has no money in the bank, he has a
A. high income and high wealth. B. low income and high wealth. C. high income and low wealth. D. low income and low wealth.