Economic growth" has occurred if the Select one: a. inflation rate between this year and last year is zero or less. b. GDP this year exceeds the Real GDP this year. c. unemployment rate this year is above the natural rate of unemployment. d. Real GDP this year exceeds the Real GDP of last year.

Question

Focker

Business

3 May, 03:24

Economic growth" has occurred if the Select one: a. inflation rate between this year and last year is zero or less. b. GDP this year exceeds the Real GDP this year. c. unemployment rate this year is above the natural rate of unemployment. d. Real GDP this year exceeds the Real GDP of last year.

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Seth Russo · Answer 1

d. Real GDP this year exceeds the Real GDP of last year.

Explanation:

Economic growth is defined as an increase in the goods and services offered by an economy from one period to the other. Gross national product or gross domestic product is usually bused as a measure of economic growth. It refers to an increase in aggregate production in an economy.

An increase in labour, capital goods, technology, and human capital contributes to economic growth.

So if the real GDP this year exceeds the real GDP of last year, it means that economic growth has occurred.