Question 1
The strict definition of economic growth that serves to increase living standards is
◦ an increase in real GDP per capita.
◦ an increase in nominal GDP per capita.
◦ an increase in capital accumulation per capita.
◦ an increase in investment per capita.
Question 2
In Polynomia, real GDP increased by 8% and the population increased by 3% in 2016. In 2016, Polynomia experienced
◦ economic growth, but not an increase in living standards.
◦ economic growth and an increase in living standards.
◦ no economic growth, but an increase in living standards.
◦ an economic decline.