Which of the following is the best definition of economic growth?
A) The investment in capital and consumption goods by an economy
B) The opportunity cost of capital
C) The opportunity cost of consumption
D) Increased development of land and entrepreneurship
E) The sustained expansion of production possibilities

Question

Quizplus · Accepted Answer

Economic growth refers to the sustained expansion of production possibilities, meaning an increase in the economy's ability to produce goods and services over time. It is often measured by an increase in Gross Domestic Product (GDP) or Gross National Product (GNP). Options A, B, C, and D do not fully capture the concept of economic growth.

Which of the Following Is the Best Definition of Economic