Question

the fact that in the united states, real gdp per person was $4,443 in 1870 and $59,532 in 2017 implies that every year the united states had the growth rate of 1.78% per year. true false

Answer 1

It is false to say that the United States' real GDP per person increased from $4,443 in 1870 to $59,532 in 2017—this would imply an annual growth rate of 1.78%.

A country's gross domestic product (GDP) is the sum of the market values of all the finished products and services produced within its growth rate borders during a certain time period. It serves as a thorough assessment of a particular GDP country's economic health as a wide indicator of entire domestic production.

While GDP is frequently estimated on an annual basis, it is also GDP occasionally calculated on a quarterly basis. In the United States, for instance, the government produces an annualized GDP estimate for growth rate both the calendar year and each fiscal quarter. Since each set of data in this GDP report is presented in actual terms, price changes are taken into account and the data is therefore net of inflation.

Learn more about GDP here

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