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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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