SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economic growth measures the
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Growth of productivity
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Increase in nominal income
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Increase in output
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None of the above
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Explanation:
Detailed explanation-1: -Economic growth is an increase in the production of economic goods and services in one period of time compared with a previous period. It can be measured in nominal or real (adjusted to remove inflation) terms.
Detailed explanation-2: -Growth is often measured as an increase in income or inflation-adjusted GDP per capita.
Detailed explanation-3: -Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income.
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