Modern economic growth:
A) Started occurring since the time of the Roman Empire
B) Has been experienced by all countries around the world
C) Refers to the phenomenon when a country's total output rises
D) Makes a country's output per person rise at a compounded rate

Question

Quizplus · Accepted Answer

Modern economic growth refers to the sustained and ongoing increase in a country's output per person over a period of time. This increase is compounded, which means that each year's increase is added to the previous year's growth. Therefore, over time, the rate of growth accelerates, leading to significant improvements in living standards.

Modern Economic Growth