The definition of economic growth is the annual percentage
A. increase in the total nominal GDP.
B. increase in the per capita real GDP.
C. increase in total exports.
D. increase in the per capita nominal GDP.
Answer: B
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If income rises, most consumers will increase the quantity demanded of an inferior good.
Answer the following statement true (T) or false (F)
In the above figure, which movement illustrates the impact of the price level and money wage rate falling at the same rate?
A) E to H B) E to K C) E to J D) E to G
If a lower exchange rate spurs exports then why wouldn't it be a good idea of policymakers to intervene to push the exchange rate as low as they can?
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. The study of economics is primarily theoretical and has very little practical application. 2. Economics is considered a physical science. 3. Economies must make choices because resources are limited while wants are unlimited. 4. Production is the creation or addition of utility.