Real GDP growth in the U.S.

Question

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Answer 1

Question

Chapter 12, Problem 1CQQ

To determine

Real GDP growth in the U.S.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Explanation of Solution

Option (b)

In the United States over the past century, average income measured by real GDP per person has grown by about 2 percent per year and this rate of growth implies that average income doubles every 35 years and hence, because of this growth, most of the Americans enjoy much greater economic prosperity than before. Thus, option ‘b’ is correct.

Option (a)

The rate of growth of 2 percent in the U.S. economy over the past century implies that average income doubles every 35 years and not in every 14 years. So option ‘a’ is incorrect.

Option (c)

Over the past century, in the U.S., real GDP per person has grown by 2 percent which means it doubles every 35 years. So option ‘c’ is incorrect.

Option (d)

Over the past century, in the U.S., real GDP per person has grown by 2 percent and not by 5 percent. Hence option ‘d’ is incorrect.

Economics Concept Introduction

Concept Introduction:

GDP (Gross Domestic Product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

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Students have asked these similar questions

Last year, real GDP per person was $4,200. The year before it was $4,000. By what percentage did real GDP per person grow during the period? a. 200 percent b. 10 percent c. 5 percent d. 50 percent.

If X grows at a rate of 9% a year, and Y grows at a rate of 14 percent per year, what is the growth rate of X/Y? a. 23% b. -5% c. 5% d. (9/14) % A nation’s population is growing 5% per year, and its total GDP is growing 1% per year. What is the annual rate of growth of GDP per capita? Feel free to round to the nearest percentage point:.

True or false? If false, explain why.a. Technological advance, which to date has played a relatively small role in U.S. economic growth, is destined to play a more important role in the future.b. Many public capital goods are complementary to private capital goods.c. Immigration has slowed economic growth in the United States.

Answer 2

Question

Chapter 12, Problem 1CQQ

To determine

Real GDP growth in the U.S.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Explanation of Solution

Option (b)

In the United States over the past century, average income measured by real GDP per person has grown by about 2 percent per year and this rate of growth implies that average income doubles every 35 years and hence, because of this growth, most of the Americans enjoy much greater economic prosperity than before. Thus, option ‘b’ is correct.

Option (a)

The rate of growth of 2 percent in the U.S. economy over the past century implies that average income doubles every 35 years and not in every 14 years. So option ‘a’ is incorrect.

Option (c)

Over the past century, in the U.S., real GDP per person has grown by 2 percent which means it doubles every 35 years. So option ‘c’ is incorrect.

Option (d)

Over the past century, in the U.S., real GDP per person has grown by 2 percent and not by 5 percent. Hence option ‘d’ is incorrect.

Economics Concept Introduction

Concept Introduction:

GDP (Gross Domestic Product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 12, Problem 1CQQ

To determine

Real GDP growth in the U.S.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Explanation of Solution

Option (b)

In the United States over the past century, average income measured by real GDP per person has grown by about 2 percent per year and this rate of growth implies that average income doubles every 35 years and hence, because of this growth, most of the Americans enjoy much greater economic prosperity than before. Thus, option ‘b’ is correct.

Option (a)

The rate of growth of 2 percent in the U.S. economy over the past century implies that average income doubles every 35 years and not in every 14 years. So option ‘a’ is incorrect.

Option (c)

Over the past century, in the U.S., real GDP per person has grown by 2 percent which means it doubles every 35 years. So option ‘c’ is incorrect.

Option (d)

Over the past century, in the U.S., real GDP per person has grown by 2 percent and not by 5 percent. Hence option ‘d’ is incorrect.

Economics Concept Introduction

Concept Introduction:

GDP (Gross Domestic Product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 12, Problem 1CQQ

To determine

Real GDP growth in the U.S.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Explanation of Solution

Option (b)

In the United States over the past century, average income measured by real GDP per person has grown by about 2 percent per year and this rate of growth implies that average income doubles every 35 years and hence, because of this growth, most of the Americans enjoy much greater economic prosperity than before. Thus, option ‘b’ is correct.

Option (a)

The rate of growth of 2 percent in the U.S. economy over the past century implies that average income doubles every 35 years and not in every 14 years. So option ‘a’ is incorrect.

Option (c)

Over the past century, in the U.S., real GDP per person has grown by 2 percent which means it doubles every 35 years. So option ‘c’ is incorrect.

Option (d)

Over the past century, in the U.S., real GDP per person has grown by 2 percent and not by 5 percent. Hence option ‘d’ is incorrect.

Economics Concept Introduction

Concept Introduction:

GDP (Gross Domestic Product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 12, Problem 1CQQ

To determine

Real GDP growth in the U.S.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Explanation of Solution

Option (b)

In the United States over the past century, average income measured by real GDP per person has grown by about 2 percent per year and this rate of growth implies that average income doubles every 35 years and hence, because of this growth, most of the Americans enjoy much greater economic prosperity than before. Thus, option ‘b’ is correct.

Option (a)

The rate of growth of 2 percent in the U.S. economy over the past century implies that average income doubles every 35 years and not in every 14 years. So option ‘a’ is incorrect.

Option (c)

Over the past century, in the U.S., real GDP per person has grown by 2 percent which means it doubles every 35 years. So option ‘c’ is incorrect.

Option (d)

Over the past century, in the U.S., real GDP per person has grown by 2 percent and not by 5 percent. Hence option ‘d’ is incorrect.

Economics Concept Introduction

Concept Introduction:

GDP (Gross Domestic Product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

Answer 6

Chapter 12, Problem 1CQQ

To determine

Real GDP growth in the U.S.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Explanation of Solution

Option (b)

In the United States over the past century, average income measured by real GDP per person has grown by about 2 percent per year and this rate of growth implies that average income doubles every 35 years and hence, because of this growth, most of the Americans enjoy much greater economic prosperity than before. Thus, option ‘b’ is correct.

Option (a)

The rate of growth of 2 percent in the U.S. economy over the past century implies that average income doubles every 35 years and not in every 14 years. So option ‘a’ is incorrect.

Option (c)

Over the past century, in the U.S., real GDP per person has grown by 2 percent which means it doubles every 35 years. So option ‘c’ is incorrect.

Option (d)

Over the past century, in the U.S., real GDP per person has grown by 2 percent and not by 5 percent. Hence option ‘d’ is incorrect.

Economics Concept Introduction

Concept Introduction:

GDP (Gross Domestic Product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

Answer 7

Chapter 12, Problem 1CQQ

To determine

Real GDP growth in the U.S.

Answer 8

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is the correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Option (b)

In the United States over the past century, average income measured by real GDP per person has grown by about 2 percent per year and this rate of growth implies that average income doubles every 35 years and hence, because of this growth, most of the Americans enjoy much greater economic prosperity than before. Thus, option ‘b’ is correct.

Option (a)

The rate of growth of 2 percent in the U.S. economy over the past century implies that average income doubles every 35 years and not in every 14 years. So option ‘a’ is incorrect.

Option (c)

Over the past century, in the U.S., real GDP per person has grown by 2 percent which means it doubles every 35 years. So option ‘c’ is incorrect.

Option (d)

Over the past century, in the U.S., real GDP per person has grown by 2 percent and not by 5 percent. Hence option ‘d’ is incorrect.

Answer 12

Economics Concept Introduction

Concept Introduction:

GDP (Gross Domestic Product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

Answer 13

Ch. 12.1 - Prob. 1QQ Ch. 12.2 - Prob. 2QQ Ch. 12.3 - Prob. 3QQ Ch. 12 - Prob. 1CQQ Ch. 12 - Prob. 2CQQ Ch. 12 - Prob. 3CQQ Ch. 12 - Prob. 4CQQ Ch. 12 - Prob. 5CQQ Ch. 12 - Prob. 6CQQ Ch. 12 - Prob. 1QR

Real GDP growth in the U.S.

Real GDP growth in the U.S.

Answer to Problem 1CQQ

Explanation of Solution

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Chapter 12 Solutions