In Chrysalis, real GDP decreased by 3% and the population decreased by 10% in 2017. In 2017, Chrysalis experienced
A) economic growth, but not an increase in living standards.
B) economic growth and an increase in living standards.
C) no economic growth, but an increase in living standards.
D) no economic growth and no increase in living standards.

Question

Quizplus · Accepted Answer

Real GDP decreased, indicating no economic growth. However, because the population decreased by a larger percentage (10%) than real GDP (3%), real GDP per capita increased, suggesting an increase in living standards.

In Chrysalis, Real GDP Decreased by 3% and the Population