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: -One of the most widely used measures of productivity is Gross Domestic Product (GDP) per hour worked. This measure captures the use of labour inputs better than just output per employee.
Detailed explanation-3: -Productivity, in economics, measures output per unit of input, such as labor, capital, or any other resource. It is often calculated for the economy as a ratio of gross domestic product (GDP) to hours worked.
Detailed explanation-4: -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.