Asked by Nelli Vartanian on May 28, 2024
Verified
Over the period 1870-2014, the United States experienced an average annual growth rate of real GDP per person of about 1.8 percent per year.
Annual Growth Rate
The year-over-year increase in the value of a particular economic indicator, expressed as a percentage.
Real GDP
The measure of a country's economic output adjusted for price changes or inflation, providing a more accurate reflection of an economy's size and growth.
- Obtain insight into the historical trajectory of global real GDP per person growth rates.
Verified Answer
VR
Vikram ReddyMay 29, 2024
Final Answer :
True
Explanation :
This figure is consistent with historical economic data showing that the United States experienced a long-term average growth rate of real GDP per person of approximately 1.8 percent per year over the period from 1870 to 2014, reflecting the country's economic expansion and increases in productivity.
Learning Objectives
- Obtain insight into the historical trajectory of global real GDP per person growth rates.