Economic growth is
a. growth in inflation over time
b. growth in real GDP over time
c. growth in unemployment over time
d. growth in net exports over time
Answer: b. growth in real GDP over time
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If the price level for the last three months has been 112, 125, and 126, we would say
A) inflation has been constant over the three months. B) inflation was more rapid between the first and second month than between the second and third month. C) inflation was less rapid between the first and second month than between the second and third month. D) inflation has steadily increased over the three months.
The short-run aggregate supply (SRAS) curve represents the relationship between
A) the price level and the real Gross Domestic Product (GDP) without full adjustment or full information. B) the price level and the real Gross Domestic Product (GDP) without full adjustment but with full information. C) the price level and the nominal Gross Domestic Product (GDP). D) the decisions of producers and the decisions of consumers.