Suppose that in 2018,real GDP grew in Estonia by 3% and the population increased by 5%.Therefore,in 2018,Estonia experienced
A)economic growth,but not an increase in living standards.
B)economic growth and an increase in living standards.
C)no economic growth,but an increase in living standards.
D)no economic growth and no increase in living standards.

Question

Quizplus · Accepted Answer

Economic growth is measured by real GDP, which increased by 3%. However, an increase in population by 5% means that the per capita GDP (a measure of living standards) actually decreased. Therefore, there was economic growth but not an increase in living standards.

Suppose That in 2018,real GDP Grew in Estonia by 3