Economic growth is A, O B. the return to full employment in an expansion phase o

Question

Economic growth is A, O B. the return to full employment in an expansion phase of the business cycle the annual percentage change in labor productivity C. 0 D. the expansion of production possibilities the annual percentage change in the quantity of money Growth rates are calculated in a similar manner for all variables. Real GDP growth rate = [(Real GDP in--year-Real GDP in-year) ÷ Real GDP in- A. current, previous: previous OB, current, previous, current ° C. previous; current, previous O D. previous; current; current year] × 100.

Explanation / Answer

Ans:

1) Option C

The expansion of production possibilities

Economic growth is the increase in the capacity of an economy to produce goods and services. It is the expansion in the production possibilities of the economy.

2) Option A

Current; previous,previous.

Real GDP growth rate = (Real GDP in current year - Real GDP in previous year) / Real GDP in previous year * 100  

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.