Modern economic growth refers to the idea of experiencing:
A)an increase in output per person as compared to an increase in output.
B)an increase in output as compared to an increase in output per person.
C)an increase in population at a faster rate than an increase in output.
D)an increase in population at the same rate as the increase in output.

Question

Quizplus · Accepted Answer

Modern economic growth is characterized by an increase in output per person, which is also known as per capita output. This means that there is a higher level of economic efficiency and productivity, leading to an increase in real income and living standards for individuals in the economy. Option B describes a general increase in overall output, which may or may not result in an increase in per capita output, depending on population growth. Options C and D describe population growth, which is not necessarily indicative of modern economic growth.

Modern Economic Growth Refers to the Idea of Experiencing