Asked by
Stacie Bautista
on Nov 16, 2024Verified
Since 1870 Canadian and U.S real GDP per person grew from below to above that in the United Kingdom. The explanation for this is likely that productivity grew faster in Canada and the U.S. than in the United Kingdom.
Real GDP Per Person
A measure of the value of all finished goods and services produced within a country in a specific time period, adjusted for inflation, divided by the total population.
Productivity
The measure of efficiency in which goods and services are produced, typically reflected by the quantity produced per unit of input.
- Absorb information regarding the historical patterns in growth rates of real GDP per capita worldwide.
- Gain insight into the notion of productivity and its measurement techniques.
Verified Answer
MA
Learning Objectives
- Absorb information regarding the historical patterns in growth rates of real GDP per capita worldwide.
- Gain insight into the notion of productivity and its measurement techniques.
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