Econ 2 Quiz - Economic Growth and Development

The increase in the production of goods and services over a specific period is know as

• GDP

• Economic Growth

• GNP

• Economic Development

The measurement of economic growth is remove the effects of inflation.

• True

• False

Economic Growth does not allow companies to hire more employees

• True

• False

What is the best way to measure economic growth?

• Gross national product

• Inflation

• monetary policy

• Gross Domestic Product

Most countries measure economic growth each quarter

• fortnight

• quarter

• year

• none of the above

Economic development is defined as

• the process by which a nation improves the economic, political, and social well-being of its people

• an increase in the amount of goods and services produced per head of the population over a period of time

• is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area

• none of the above