Answered: 7. Which of the following is a measure…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section: Chapter Questions

Problem 1QR

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Question

Which of the following is a measure of output share an average person will get if the total output of an economy divides evenly among the total population?

a.
Real GDP

b.
Per capita GDP

c.
The capital stock of the economy

d.
The economic growth of the economy

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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