Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1993 to 2012.
Definitions:
Fixed Inputs
Resources or factors of production that cannot be easily increased or decreased in the short term, such as buildings or machinery.
Marginal Product
The additional output resulting from a one unit increase in a particular input, holding other inputs constant.
Labor
The effort by workers to produce goods or provide services in exchange for payment.
Capital
Assets used in the production of goods and services, often categorized as physical (like machinery) or financial (like money at hand).
Q10: In 2009 and 2010, the federal government's
Q45: What would happen in the market for
Q112: Foreign saving is used for domestic investment
Q133: The bond market, the stock market, banks,
Q215: Which of the following statements is correct?
Q280: International data on real GDP per person
Q338: A budget deficit<br>A) changes the supply of
Q373: Which of the following statements is correct?<br>A)
Q401: Suppose that in a closed economy GDP
Q460: In the long run, a higher saving