Which of the following is/are required for economic growth?
i.More goods and services produced per hour of work
ii.An increase in the average hours of labour per person
iii.An increase in prices

Question

Quizplus · Accepted Answer

Economic growth is the increase in production of goods and services over a period of time. This can be achieved by producing more goods and services per hour of work (i) and also increasing the average hours of labor per person (ii). An increase in prices (iii) is not necessary for economic growth and can lead to inflation if it is not matched by an increase in production. Hence, the correct option is B (i and ii).

Which of the Following Is/are Required for Economic Growth