Real GDP Per Capita in the U.S.grows Over Time

question 55

True/False

Real GDP per capita in the U.S.grows over time.

---

Definitions:

Level of Output

The quantity of goods or services produced by a firm or economy during a specific time period.

Cobb-Douglas

A mathematical function used in economic models to represent the relationship between two or more inputs and the resulting level of output.

Production Function

A mathematical representation of the relationship between inputs used in production and the output generated from those inputs.

Capital Employed

The total amount of capital used for the acquisition of profits by a firm or project, including the value of all assets employed in a business.