alleryStart learning →What is economic growth?
AA rise in the average wage paid to workers in a nation
BAn increase in the output of goods and services of a nation
CA fall in the number of people who are out of work today
DA rise in the amount of money circulating in the economy
Answer & Solution
Correct answer: B. An increase in the output of goods and services of a nation
1. The most important way to judge a nation's economic health is to look at its production of goods and services.
2. Economic growth is an increase in that output of goods and services.
3. The more a nation produces, the higher its standard of living.
4. Wages, joblessness and the money supply are related indicators, but growth is defined on output.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 1 "Understanding Economic Systems and Business", section 1.4 Macroeconomics: The Big Picture_
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