From 1948 to 2003 the United States experienced an average real GDP growth rate of 3.5 percent and Guatemala had an average real GDP growth rate of 3.6 percent from 1993 to 2003. Can we say that Guatemala's standard of living grew more than the United States' standard of living from 1993 to 2003?

Question

Quizplus · Accepted Answer

While Guatemala's average real GDP growth rate may have been higher than the United States' from 1993 to 2003, we cannot make a definitive statement about which country's standard of living grew more without considering population growth rates and other factors that affect economic well-being. Additionally, we do not have information about the United States' real GDP growth rate during the same period as Guatemala's.

From 1948 to 2003 the United States Experienced an Average