Economists generally define economic growth as an increase in the nominal income of the population.

Name: Economists generally define economic growth as an increase in the nominal income of the population.
Brand: Quizplus
Rating: 4.8 (33 reviews)

Question

Quizplus · Accepted Answer

Economists generally define economic growth as an increase in the real Gross Domestic Product (GDP) or real GDP per capita, which reflects an increase in the value of goods and services produced by an economy, adjusted for inflation, rather than just an increase in nominal income.

Economists Generally Define Economic Growth as an Increase in the Nominal