Economic growth, cycles and crisis

Economic growth is a short term rise in capacity to supply increasingly diverse economic goods to its population

• True

• False

1. Economic growth is an increase in the production of economic goods and services, compared from one period of time to another

• True

• False

1. GDP can be used to measure economic growth

• True

• False

1. Gross domestic product (GDP) – the value of all final and intermediate goods and services produced in a year in all sectors of the economy within the state

• True

• False

1. Nominal GDP is GDP given in current prices, without adjustment for inflation

• True

• False

1. Nominal GDP is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year

• True

• False

1. The GDP produced in the 20th century is equal to the sum of the GDP of all history

• True

• False

1. Intensive growth is based on the growth of factor endowment

• True

• False

1. Extensive growth is based on technical progress

• True

• False

1. Climate is a factor of economic growth

• True

• False