Sustained growth refers to a growth process:
A) where growth in GDP per capita is attributed primarily to public sector firms and enterprises.
B) where GDP per capita grows at a positive and steady rate for long periods of time.
C) where growth in GDP per capita is translated into equal increase in welfare for all citizens in the country.
D) where GDP per capita grows at a rate of more than 20% per year for long periods of time.
B
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Between 1790 and 1860, wholesale prices charged by producers of commodities
(a) grew steadily over the period. (b) declined steadily. (c) exhibited wild variations but increased, on average. (d) exhibited wild variations but declined, on average.
Joe and Pam are neighbors. Joe asks Pam to drive him to the airport. Before leaving, Joe pays for Pam to fill her car's gas tank at the local gas station. Joe's trip to the airport would be ________.
A. not counted in GDP because the trip does not involve any formal market transactions B. counted in GDP because Joe purchased the gas C. not counted because nothing was actually produced D. counted in GDP because Joe and Pam represent different households