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Economic growth is defined as: Question 10 options: 1) the increase in employment rate. 2) the...

Economic growth is defined as:

Question 10 options:

1)

 the increase in employment rate.

2)

 the percent change in per capita income, or GDP.

3)

 the percentage change in nominal GDP.

4)

 All of the above.
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Answer #1

The correct answer is option (D). All of the above

  • To see an economic growth there needs to be an increase in the GDP . This can occur through increase in consumer spending. So, if employment rate is increasing, it will lead to higher economic growth.
  • Per capita income is used as an index of development. Increase in per capita income over a long peruod of time are suggestive of economic growth.
  • Nominal gdp is value of all goods taking price changes into account.If percentage change in nominal gdp is increasing then , prices would rise and growth will slow down , whereas , if percentage change in nominal gdp is decreasing, then prices would fall and growth would increase.

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