Over the last century, U.S. real GDP per person grew at a rate of about
a. 2 percent per year, so that it is now 2 times as high as it was a century ago.
b. 2 percent per year, so that it is now 8 times as high as it was a century ago.
c. 4 percent per year, so that it is now 2 times as high as it was a century ago.
d. 4 percent per year, so that it is now 8 times as high as it was a century ago.
b
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What basket of goods is used to construct the CPI?
a. a random sample of all goods and services produced in the economy b. the goods and services that are typically bought by consumers as determined by government surveys c. only food, clothing, transportation, entertainment, and education d. the least expensive and the most expensive goods and services in each major category of consumer expenditures
A tax increase has
a. a multiplier effect but not a crowding out effect b. a crowding out effect but not a multiplier effect c. both a crowding out and multiplier effect d. neither a multiplier or crowding out effect