Between 2000 and 2017, real GDP per person grew, on average, 1% per year in the United States. Did this GDP growth benefit all Americans? What does this tell us about the limitations of GDP as a measure of living standards?

Nation A's real GDP was $520 billion in 2015 and $550 billion in 2016. Its population was 150 million in 2015 and 155 million in 2016. On the other hand, Nation B's real GDP was $200 billion in 2015 and $210 billion in 2016; and its population was 53 million in 2015 and 55 million in 2016. Which of the following statements is true? Nation A's and Nation B's GDP per capita both decreased from 2015 to 2016. Nation A's and Nation B's GDP per capita both increased from 2015 to 2016. Nation A's GDP per capita increased from 2015 to 2016, while Nation B's decreased. Nation B's GDP per capita increased from 2015 to 2016, while Nation A's decreased.

Why do economists prefer to use real gross domestic product (RGDP) instead of nominal gross domestic product (NGDP) when measuring the economic growth of a country? Why is real GDP considered more relevant than the other?

In 1980, Denmark had a GDP of $90 billion (measured in US dollars) and a population of 6.1 million. In 2000, Denmark had a GDP of $150 billion (measured in US dollars) and a population of 6.2 million. By what percentage did Denmark's GDP per capita rise between 1980 and 2000?   Question 23 options:   205%   144%   64%   120%

According to the table, Canada has the eleventh-highest GDP among the countries with the largest economies in the world. Does this mean Canada also has the eleventh-best standard of living? Fill in the blanks to complete the passage. World's Largest Economies by GDP, 2013 (1) (2) Country (3) (4) Per capita GDP (U.S. dollars) Rank 2013 GDP (billions of U.S. dollars) $53,042 United States $16,768 1 6,807 2 China 9,240 38,634 3 Japan 4,920 46,269 4 Germany 3,730 42,503 5 France 2,806 United Kingdom 41,787 6 2,678 11,208 7 Brazil 2,246 2,149 35,926 8 Italy 18,783 Russia 2,097 1,499 10 India 1,877 11 Canada 1,827 51,958 Drag word(s) be low to fill in the blank(s) in the passage. Canada's GDP is a that Canadians have the eleventh-best standard of living. A nation's better standard-of-living indicator, because it measures Using this measure, it looks like Canada has a better standard of living than all but one other nation. total productivity indicates does not indicate per capita GDP average…

Why is real GDP a better measure of economic growth than nominal GDP?

Why do economists prefer to use real gross domestic product (RGDP) instead of nominal gross domestic product (NGDP) when measuring the economic growth of a country? Why is real GDP considered more relevant than the other?

MC Questions 1) Of the following, the most often used measure of changing living standards is A) the growth rate of nominal GDP. B) the growth rate of real GDP. C) the growth rate of nominal GDP per capita. D) the growth rate of real GDP per capita.

County A & Country B both recorded an increase in real GDP of 5% per year from 1970 to 2005. During this time, the population of country A grew at 7% per year & the population for Country B grew at 3%. Which of the following is true during this period?   a. Per capita GDP was the same for both Country A & Country B   b. Per capita GDP decreased for Country B only   c. Per capita GDP decreased for both Country A & Country B   d. Per capital GDP decreased for Country A only

Economists can do a reasonably good job of calculating GDP, GDP per capita, NDP, etc. Do you agree? Discuss some non economic sources of well being-including the quality of life, and intangible measures of life satisfaction. Are you expecting to be better off than your parents are?