Question

Which of the following explains the term economic growth?

• A. Increase in per capita production
• B. Increase in per capita real income
• C. Structural change in the economy
• D. All of the above

Answer 1

The correct option is D All of the above

An increase in the amount of goods and services produced per head of the population over a period of time is called economic growth. It includes increase in per capita production, per capita real income and structural change in economics. It talks about quantitative increase but not qualitative increase.