Q.11 Economic growth implies a

i. Sustainable increase in the nominal GDP of an economy
ii Sustainable increase in in the real GDP of an economy
iii Increase in the volume of goods and services produced in an economy

(a). only ii b). both i and ii
(c). both ii and iii d). only iii

Dear Student
Option (d) only (iii) is correct
Economic growth implies increase in the volume of goods and services produces in an economy. Increase in nominal GDP is showing increases in price only whereas increase in real GDP shows increase in output but we still don't consider that as economic growth because it may be after recession that is why increase in the volume of goods and services is  considered as economic growth.

Regards