Question

1. Economic growth is defined and measured as the annual percentage increase in

___________________________________ over time.
2. In the long run, a key statistic for a nation’s standard of living is ____________________.
3. The most important source of U.S. economic growth is increases in ?
4. largest contributor to increases in U.S. labor productivity is?

Answer 1

1. Economic growth is defined and measured as the annual percentage increase in GDP over time.
2. In the long run, a key statistic for a nation’s standard of living is GDP per capita.
3. The most important source of U.S. economic growth is increases in labor productivity.
4. The largest contributor to increases in U.S. labor productivity is technological advance