Question

What BEST describes economic growth?

• A. An increase in the price of goods and services.
• B. A decrease in the unemployment rate
• C. An increase in the production of goods and services in an economy.
• D. An improvement in the quality of life.

Answer 1

Answer:

C. An increase in the production of goods and services in an economy.

Economic growth

• An increase in the production of goods and services in an economy.

• The increase in the total output of a country in the current year compared to the previous year.

• The rate of increase in national income in the current year as compared to the previous year

• Economic development = Economic growth + Improvement in quality of life