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Consider the following statements about the concept of growth.
1. It refers to increase in the country’s capacity to produce the output of goods and services within the country
2. A good indicator of economic growth, in the language of economics, is steady increase in the Gross Domestic Product (GDP)
Which of the statements is/are correct?
- a)1 Only
- b)2 Only
- c)Both 1 and 2
- d)None of them
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Consider the following statements about the concept of growth.1. It r...
- Growth: It refers to an increase in the country’s capacity to produce the output of goods and services within the country. It implies either a larger stock of productive capital, or a larger size of supporting services like transport and banking, or an increase in the efficiency of productive capital and services.
- A good indicator of economic growth, in the language of economics, is steady increase in the Gross Domestic Product (GDP). The GDP is the market value of all the goods and services produced in the country during a year.
- You can think of the GDP as a cake and growth is an increase in the size of the cake. If the cake is larger, more people can enjoy it. It is necessary to produce more goods and services if the people of India are to enjoy (in the words of the First Five Year Plan) a more rich and varied life.
Most Upvoted Answer
Consider the following statements about the concept of growth.1. It r...
Introduction:
Growth refers to the increase in a country's capacity to produce the output of goods and services. It is an important concept in economics and is often measured by indicators such as Gross Domestic Product (GDP).
Explanation:
To understand the correctness of the given statements, let's analyze each statement individually:
Statement 1: It refers to an increase in the country's capacity to produce the output of goods and services within the country.
This statement is correct. Economic growth is typically associated with an increase in a country's capacity to produce goods and services. This can be achieved through various means such as technological advancements, investments in physical and human capital, and improvements in infrastructure. As a country's capacity to produce increases, it is able to provide a higher quantity and variety of goods and services to its population.
Statement 2: A good indicator of economic growth, in the language of economics, is a steady increase in the Gross Domestic Product (GDP).
This statement is also correct. GDP is a commonly used indicator to measure economic growth. It represents the total value of all goods and services produced within a country during a specific period. A steady increase in GDP over time indicates that the country's economy is growing and expanding its production capabilities.
Conclusion:
Both statements are correct. Economic growth refers to an increase in a country's capacity to produce goods and services, and GDP is a widely accepted indicator to measure this growth. Therefore, option 'C' is the correct answer.
Growth refers to the increase in a country's capacity to produce the output of goods and services. It is an important concept in economics and is often measured by indicators such as Gross Domestic Product (GDP).
Explanation:
To understand the correctness of the given statements, let's analyze each statement individually:
Statement 1: It refers to an increase in the country's capacity to produce the output of goods and services within the country.
This statement is correct. Economic growth is typically associated with an increase in a country's capacity to produce goods and services. This can be achieved through various means such as technological advancements, investments in physical and human capital, and improvements in infrastructure. As a country's capacity to produce increases, it is able to provide a higher quantity and variety of goods and services to its population.
Statement 2: A good indicator of economic growth, in the language of economics, is a steady increase in the Gross Domestic Product (GDP).
This statement is also correct. GDP is a commonly used indicator to measure economic growth. It represents the total value of all goods and services produced within a country during a specific period. A steady increase in GDP over time indicates that the country's economy is growing and expanding its production capabilities.
Conclusion:
Both statements are correct. Economic growth refers to an increase in a country's capacity to produce goods and services, and GDP is a widely accepted indicator to measure this growth. Therefore, option 'C' is the correct answer.
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Consider the following statements about the concept of growth.1. It refers to increase in the country’s capacity to produce the output of goods and services within the country2. A good indicator of economic growth, in the language of economics, is steady increase in the Gross Domestic Product (GDP)Which of the statements is/are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) None of themCorrect answer is option 'C'. Can you explain this answer?
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