ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It refers to increase in Gross Domestic Product (GDP)
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It refers to the long and sustained rise in real Gross Domestic Product (GDP)
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It is characterized by fall in unemployment rate
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Rise in GDP on monetary term
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Detailed explanation-1: -Explanation : Economic growth implies change or an increase in the real output of country. Such changes should not be momentarily. Such growth should be maintained for certain period of time. Increase in GDP owing to increase in prices cannot be termed as Economic Growth.
Detailed explanation-2: -The answer to this question is C. Economic growth is a long-run process resulting from the compounding of many events.
Detailed explanation-3: -[B] It is a sustained increase in real GDP per capita over time.
Detailed explanation-4: -GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.
Detailed explanation-5: -Answer and Explanation: The correct answer is b) In large measure, economics is the study of how people make choices.