Question

Problem 15

Answer 1

Introduction

Economic growth is described as a rise or development in the inflation-adjusted market price of an economy’s products and services over time. Statistical methods commonly use the percentage rate of rising in the actual gross domestic product, or actual GDP, to assess such development. To avoid the misleading influence of hyperinflation on the pricing of products generated, development is normally assessed in actual fact — that is, inflation-adjusted values. Government revenue reporting is used to calculate economic growth.