ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Real Income/GDP
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Productive capacity
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Net social welfare
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None of the above
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Detailed explanation-1: -The most common way to measure the economy is real gross domestic product, or real GDP. GDP is the total value of everything-goods and services-produced in our economy.
Detailed explanation-2: -The growth rate of real GDP is often used as an indicator of the general health of the economy. In broad terms, an increase in real GDP is interpreted as a sign that the economy is doing well.
Detailed explanation-3: -Basically, it refers to how well people are doing. Economic welfare is usually measured in terms of real income/real GDP. An increase in real output and real incomes suggests people are better off and therefore there is an increase in economic welfare.
Detailed explanation-4: -Health economics is used to promote healthy lifestyles and positive health outcomes through the study of health care providers, hospitals and clinics, managed care and public health promotion activities.