ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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predict consumers expectations
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predict shortages in the market
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help monitor public consumption
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determine the strength of the economy
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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: -Economic indicators include measures of macroeconomic performance (gross domestic product [GDP], consumption, investment, and international trade) and stability (central government budgets, prices, the money supply, and the balance of payments).
Detailed explanation-3: -In addition to GDP, two of the other most significant measures of economic growth are the Consumer Price Index (CPI), which measures pricing power and inflation, and the Monthly Unemployment report, including weekly non-farm payrolls.
Detailed explanation-4: -Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology.