Economic growth is best measured by the increase in:

Question

Quizplus · Accepted Answer

Real output per person, also known as real GDP per capita, is a measure of economic growth as it measures the increase in the amount of goods and services produced in an economy per person. It takes into account both the increase in nominal GDP and inflation, providing a more accurate measure of the standard of living in a country. Household consumption, investment, and nominal GDP can also contribute to economic growth, but they do not provide a complete picture of the overall increase in economic activity.

Economic Growth Is Best Measured by the Increase In