Macro 2.1 Economic Growth

Question 1

Economic growth

Answer 1

Change in national output over time as measured by GDP or GNP

Question 2

Real GDP

Answer 2

Gross domestic product at constant prices. Inflation is taken into account

Question 3

Nominal GDP

Answer 3

Gross domestic product at current prices. Inflation is not taken into account

Question 4

GDP per capital

Answer 4

Gross domestic product per head