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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

Cross-country comparisons of GDP per capita

typically use purchasing power parity equivalent

exchange rates, which are a measure of the long-run equilibrium value of an exchange rate. In fact, we used PPP equivalent exchange rates in this module. Why could use market exchange rates, which sometimes change dramatically in a short period of time, be misleading?

Why might per capita GDP be only an imperfect

the measure of a country鈥檚 standard of living?

List some of the reasons why economists should

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

In 1980, Denmark had a GDP of \(70 billion

(measured in U.S. dollars) and a population of 5.1

million. In 2000, Denmark had a GDP of \)160 billion (measured in U.S. dollars) and a population of 5.3 million. By what percentage did Denmark鈥檚 GDP per capita rise between 1980 and 2000?

What is the difference between a series of

economic data over time measured in nominal terms

versus the same data series over time measured in real

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