Economic growth means increase in real national income. (State True or False)
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yes, the statement is true
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Answer:
True
Explanation:
Economic growth means increase in real national income this is true statement
Economic Growth : means increase in output r production
Economic growth : A rise in living standards
Average standard living : Total output ( real GDP ) per person
High real GDP per ca-pita : Associated with a higher of life
Very low GDP per ca-pita : Lower quality of life for most people
* Economic growth can be defined as an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. Economic growth can be measured in nominal terms, which included inflation, or in real terms , which are adjusted for inflation
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