Use the graph below to determine which of the following statements is true: FRED -Real gross domestic product per capita 40,000 Chained 2012 Dollars 5000 40.000 30,000 30.000 10.000 1950 1000 1970 140 1990 hadde recens Source U.S. Bureau of Economic Analysis 2000 2010 3030 bedstounded org Real GDP per capita has increased every year during the time period shown. O The average American in the year 2021 could buy about four times as many goods and services as the average American in 1947. O The average American in 2021 is both four times better off and can buy four times as much as the average American in 1947. O The average american in the year 2021 is four times better off as the average American in 1947.

Use the graph below to determine which of the following statements is true: FRED -Real gross domestic product per capita 40,000 Chained 2012 Dollars 5000 40.000 30,000 30.000 10.000 1950 1000 1970 140 1990 hadde recens Source U.S. Bureau of Economic Analysis 2000 2010 3030 bedstounded org Real GDP per capita has increased every year during the time period shown. O The average American in the year 2021 could buy about four times as many goods and services as the average American in 1947. O The average American in 2021 is both four times better off and can buy four times as much as the average American in 1947. O The average american in the year 2021 is four times better off as the average American in 1947.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Use the graph below to determine which of the following statements is true:
-Real gross domestic product per capita
FRED
40,000
Chained 2012 Dollars
5,000
40.000
30,000
10,000
1950
1000
1970
1000
1000
shaded rindate US recens Source U.S. Bureau of Economic Analysis
2000
2010
2030
fredstiouifed.org
Real GDP per capita has increased every year during the time period shown.
O The average American in the year 2021 could buy about four times as many goods and services as the average American in 1947.
O The average American in 2021 is both four times better off and can buy four times as much as the average American in 1947.
O The average american in the year 2021 is four times better off as the average American in 1947.

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