Since 1900,real GDP per capita has ________ and this measure ________ the actual growth in standards of living in the United States over this time.

Question

Quizplus · Accepted Answer

Real GDP per capita has increased since 1900, indicating growth in the economy. However, this measure understates the actual growth in standards of living because it does not take into account non-market activities, changes in income distribution, or improvements in quality of life.

Since 1900,real GDP Per Capita Has ________ and This Measure