Introduction to Economics II
A nation’s standard of living is measured by its
a. real GDP.
real GDP per person.
d. nominal GDP per person.
Over the past 100 years, U.S. real GDP per person has doubled about every 35 years. If in the next 100 years it
doubles every 25 years, then a century from now U.S. real GDP per person will be
The level of real GDP person
Over the past century in the United States, average income as measured by real GDP per person has grown about
In the United States, as measured by real GDP per person, average income is about how many times as high as
average income a century ago?
In recent decades, average income in some East Asian countries, such as Hong Kong, Singapore, and Taiwan, has