which of the following statements best describes economic growth? choose 1 answer: a any increase in nominal…

which of the following statements best describes economic growth? choose 1 answer: a any increase in nominal gdp b a sustained increase in real gdp per capita over time c any increase in real gdp d any sustained increase in inflation over time e any increase in nominal gdp per capita over time

which of the following statements best describes economic growth? choose 1 answer: a any increase in nominal gdp b a sustained increase in real gdp per capita over time c any increase in real gdp d any sustained increase in inflation over time e any increase in nominal gdp per capita over time

Answer

Brief Explanations:

Economic growth is typically defined as a sustained increase in real GDP per capita over time. Real GDP adjusts for inflation, and considering per - capita accounts for population changes. Nominal GDP can increase due to price changes (inflation) rather than real output growth. An increase in real GDP without considering population may not accurately represent growth for individuals in the economy. Inflation is not economic growth; it is a rise in the general price level. An increase in nominal GDP per capita can also be due to inflation.

Answer:

B. A sustained increase in real GDP per capita over time