Suppose that population grows by 2 per cent. For the standard of living to rise, which of the following must occur?
A) Nominal GDP must grow by more than 2 per cent.
B) Real GDP must grow by more than 2 per cent.
C) Real GDP per capita must grow by more than 2 per cent.
D) Consumption spending must grow by more than 2 per cent.
Correct Answer:
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