When economists speak of "long-run economic growth," they mean increasing the:

Question

Quizplus · Accepted Answer

"Long-run economic growth" typically refers to increasing the per capita real GDP of a country, which refers to the value of all goods and services produced by a country's economy per person, adjusted for inflation. This is a measure of the standard of living in a country, and long-run growth is important for ensuring improvements in living standards over time. Increasing the real GDP of a country (A) or the population of a country (D) may contribute to short-term economic growth, but alone they do not necessarily lead to long-term improvements in living standards. The geographic size of a country (C) is not directly related to economic growth.

When Economists Speak of "Long-Run Economic Growth," They Mean Increasing