Economic growth is defined as:
A) the percent change in per capita income, or GDP.
B) the percent change in prices, or GDP.
C) the decline in the unemployment rate.
D) the difference between the nominal and real GDP.
E) changes in technology.

Question

Quizplus · Accepted Answer

Economic growth is typically measured by the percent change in real GDP, which is a measure of the total output of goods and services produced in an economy over a period of time. Per capita income, or GDP per person, is often used as a measure of economic growth since it takes into account changes in population over time. Therefore, choice A is the best option.

Economic Growth Is Defined As