Which of the Following Variables Is Used to Determine a Country's

question 301

Multiple Choice

Which of the following variables is used to determine a country's economic growth?
I.real GDP
Ii.wages
Iii.inflation

• A)i and ii only
• B)i,ii and iii
• C)ii and iii
• D)i only
• E)i and iii

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Definitions:

Production Function

A mathematical relationship expressing the amount of output produced as a function of the quantities of various inputs.

Isocost Equation

An equation that represents all combinations of goods that can be purchased given a fixed cost and the prices of goods.

Input Mix

The combination of various types of inputs used in the production process.

Memo Pads

Stationery items consisting of small sheets of paper for brief notes, reminders, or messages.