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Chapter 6: Q. 23 (page 160)

Why do you suppose that U.S. GDP is so much

higher today than 50 or 100 years ago?

Short Answer

Expert verified

The United States currently has greater technology, more workforce, and more capital than ever before.

Step by step solution

01

Importance of GDP

GDP is crucial since it gives data on an economy's size and performance. The rate of real GDP growth is commonly cited as a barometer of the country's economic overall health.

02

Explanation

The United States GDP has risen in recent years as a result of the country's highly competent and educated workforce. The United States currently has greater technology, more workforce, and more capital than ever before.

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Most popular questions from this chapter

According to Table 6.7, how long has the average recession lasted since the end of World War II?

Should people typically pay more attention to their

real income or their nominal income? If you choose the latter, why would that make sense in today’s world? Would your answer be the same for the 1970s?

U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up "How do statisticians measure GDP?", does this surprise you, or does this simply reflect the complexity of a modern economy?

Is it possible for GDP to rise while at the same time per capita GDP is falling? Is it possible for GDP to fall while per capita GDP is rising?

Without looking at Table 6.7, return to Figure 6.10. If we define a recession as a significant decline in national

output, can you identify any post-1960 recessions in addition to the 2008-2009 recession? (This requires a judgment

call.)

Fig. 6.10
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