Which of the following is a good gauge of economic progress? A. the level of real GDP per person, but not the growth rate of real GDP per person B. neither the level nor the growth rate of real GDP per person C. the level of real GDP per person and the growth rate of real GDP per person D. the growth rate of real GDP per person, but not the level of real GDP per person

Question

Ross

Business

1 September, 20:40

Which of the following is a good gauge of economic progress? A. the level of real GDP per person, but not the growth rate of real GDP per person B. neither the level nor the growth rate of real GDP per person C. the level of real GDP per person and the growth rate of real GDP per person D. the growth rate of real GDP per person, but not the level of real GDP per person

+4

Answers (1)

Know the Answer?

Alena Calhoun · Answer 1

C. the level of real GDP per person and the growth rate of real GDP per person

Explanation:

The GDP per person is a good measure of how much wealth each citizen has in the economy on average As we check for the real GDP we remove the effect of nominal increases from inflation

While the growth rate will disclosure for the increase over time of the GDP per person if increases is a sing of the growth in the economy