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Chapter 6: Q. 23 (page 160)

Why do you suppose that U.S. GDP is so much

higher today than 50 or 100 years ago?

Short Answer

Expert verified

The United States currently has greater technology, more workforce, and more capital than ever before.

Step by step solution

01

Importance of GDP

GDP is crucial since it gives data on an economy's size and performance. The rate of real GDP growth is commonly cited as a barometer of the country's economic overall health.

02

Explanation

The United States GDP has risen in recent years as a result of the country's highly competent and educated workforce. The United States currently has greater technology, more workforce, and more capital than ever before.

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Most popular questions from this chapter

U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up "How do statisticians measure GDP?", does this surprise you, or does this simply reflect the complexity of a modern economy?

Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change

in the broad standard of living.

a. The environment becomes dirtier

b. The crime rate declines

c. A greater variety of goods become available to consumers

d. Infant mortality declines

Should people typically pay more attention to their

real income or their nominal income? If you choose the latter, why would that make sense in today鈥檚 world? Would your answer be the same for the 1970s?

List some of the reasons why economists should

not consider GDP an effective measure of the standard of living in a country.

Using data from Table 6.5 how much of the nominal GDP growth from 1980 to 1990 was real GDP and how much was inflation?
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