1. Why is U.S. economic growth important to the average Americanand what is the best way to measure standard of living of theaverage person: (use unemployment rate, inflation, & GDP inyour answer)?

2. Does economic growth ensure all members of a society will bebetter off? explain.

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Mahe AlamLv10

28 Sep 2019

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Related questions

Consider the list of possible answers below to a question asking the best measure of the standard of living:

A.real GDP per person

b.nominal GDP per person

c. the growth rate of nominal GDP per person

d. real GDP

e. nominal GDP

f. growth rate of real GDP per person

What is the right answer, and why are the others wrong? (one sentence explanations)

What does convergence theory predict about economic growth?

A)What arguments support it?

B)What arguments suggest that convergence might be a long way off, if ever.

ochrelion281

1. What are the three key macroeconomic variables?

2. What are the three macroeconomic objectives?

3. Define GDP? What it omits to avoid multiple counting? What does it fail to capture?

4. What are the three approaches to the measurement of GDP?

5. Differentiate between Real and nominal GDP.

6. What are CPI, PPI, GDP deflator?

7. What are the methods to measure the rate of inflation?

8. What is the application of the rate of inflation?

9. What are the weaknesses of CPI as a measure of the change in the cost of living over time?

10. Explain Purchasing power parity adjustment.

11. What is economic growth?

12. Define Rule of 70.

13. Labor Force: Define it. Who is included and who is excluded from the labor force?

14. What is the difference between the unemployment rate and labor force participation rate?

15. What are the different types of unemployment?

16. What is a natural unemployment rate?

17. What are the factors that cause natural unemployment?

cyanworm673

In 2013, the real GDP per capita (a measure of standard of living) of China was $6,187 and in the US it was $53,042. Thus Chinaâs real GDP per capita is approximately 12.8% of U.S. real GDP per capita. If Chinese per capita GDP grows at an average of 7%, and U.S. does it at 2%, how many years will it take for China to catch up with the United States?

[HINT: The easiest way to do this is to calculate how many âdoublingsâ are needed to catch up, and then use the relative rate of growth and the rule of 70 to find the solution ]