Question

Which of the following statements is correct? The level of real GDP is a good gauge of economic prosperity, and the growth of real GDP is a good gauge of economic progress. The level of real GDP is a good gauge of economic progress, and the growth of real GDP is a good gauge of economic prosperity. The level of real GDP is a good gauge of economic prosperity, and the level of real GDP per person is a good gauge of economic progress. The level of real GDP is a good gauge of economic progress, and the level of real GDP per person is a good gauge of economic prosperity.

Answer 1

Answer:

The level of real GDP is a good gauge of economic progress, and the growth of real GDP is a good gauge of economic prosperity.

Explanation:

Real GDP reflects the position of an economy even when there is inflation that what it sands, how does it perform, it is comparable to other economies to define what it wants as it will state the level of the country as in the world list.

When we talk about the growth in GDP we reflect that the rise in GDP in comparison to past performance of the country in beating the inflation and then increasing the value.

Thus, the correct statement is statement 2.