Choose the Statement That Is Incorrect

Choose the statement that is incorrect.

A) The standard of living depends on real GDP per person.
B) The growth rate of real GDP per person can be calculated approximately by subtracting the population growth rate from the real GDP growth rate.
C) Real GDP per person grows only if real GDP grows faster than the population grows.
D) Real GDP increases when the economy returns to full employment in an expansion phase of the business cycle.
E) The return to full employment in an expansion phase of the business cycle is economic growth.

Correct Answer:

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