What is the relationship between the growth rate of real GDP and the growth rate of real GDP per person?
What will be an ideal response?
The growth rate of real GDP tells how rapidly the total economy is expanding while the growth rate of real GDP per person tells how the standard of living is changing. The growth rate of real GDP per person approximately equals the growth rate of real GDP minus the population growth rate.
Economics
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If the elasticity measure equals 1.0, then the demand is
A) elastic. B) unit elastic. C) inelastic. D) infinitely elastic.
Economics
In the above figure, the economy is initially at point B. If taxes increase, there is
A) a movement to point C. B) a movement to point A. C) a shift to AD2. D) a shift to AD1.
Economics