Small differences in growth rates of real GDP per person,over the long run,make ________ differences in the average standard of living.

Question

Quizplus · Accepted Answer

Over a long period of time, even small differences in growth rates of real GDP per person can compound into significant differences in the average standard of living. This is because even small changes can have a significant impact over a long enough period of time due to the power of compounding. As a result, slight differences in growth rates can result in very large differences over time.

Small Differences in Growth Rates of Real GDP Per Person,over