Economic growth is a sustained expansion of production possibilities measured as the increase in ________ over a given period
A) capital per person
B) population
C) real GDP
D) real GDP per person
E) the standard of living
C
Economics
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"Policy ineffectiveness" refers to the hypothesis that monetary and fiscal policy actions that change aggregate demand will
a. neither affect output nor employment even in the short run. b. affect output and employment in both the short run and long run. c. affect output but not employment in the short run. d. not affect output but will affect employment in the long run.
Economics
Use a graph to illustrate the long run adjustment to the scenario you depicted in (d). Explain what will happen over time.
Economics