Question 53 A country experiences economic growth if Question 53 options: a) real GDP increases b) both nominal and real GDP increase c) the price level increases d) nominal GDP increases

A country experiences economic growth means a increase in the real value of goods and services…

Answered: A country experiences economic growth…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 3P

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Question 53

A country experiences economic growth if

Question 53 options:

a)	real GDP increases

b)	both nominal and real GDP increase

c)	the price level increases

d)	nominal GDP increases

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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