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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Why do you suppose that U.S. GDP is so much higher today than 50 or 100 years ago?

To determine

The reason for assuming that the U.S. GDP is much higher today as compared to 50 or 100 years ago is to be determined.

Explanation

The real GDP per capita somehow represents the standard of living. The U.S. GDP tells us that the people of the U.S. have become materially better off as compared to 50 or 100 years ago. The human resource of an economy directly relates to the GDP of the country,...

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