ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -The standard way of measuring a country’s economic success is to look at per capita gross domestic product-the total output of goods and services divided by population. The more cars and computers produced and the more doctor visits and restaurant meals per person, the better the economy is thought to be doing.
Detailed explanation-2: -There are three basic productive resources: natural resources, human resources, and capital resources.
Detailed explanation-3: -The four main factors of economic growth are land, labor, capital, and entrepreneurship.
Detailed explanation-4: -Gross domestic product (GDP) is one of the most widely used indicators of economic performance. GDP measures a national economy’s total output in a given period and is seasonally adjusted to eliminate quarterly variations based on climate or holidays.