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2. In what sense is real GDP per capita measure of standard living? a

2. In what sense is real GDP per capita measure of standard living? a

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. Suppose that our potato economy decided to reduce consumption and increase investment. a. How would this change affect economic growth? Illustrate your answer with a graph. b. What if we expanded beyond the potatoes to the US economy. How would this change affect different groups in society and who would benefit from this change? What groups might be hurt? 2. In what sense is real GDP per capita a measure of standard living?
Transcribed Image Text:1. Suppose that our potato economy decided to reduce consumption and increase investment. a. How would this change affect economic growth? Illustrate your answer with a graph. b. What if we expanded beyond the potatoes to the US economy. How would this change affect different groups in society and who would benefit from this change? What groups might be hurt? 2. In what sense is real GDP per capita a measure of standard living?
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