Elucidate the growth record of the United States
Elucidate the growth record of the United States?
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The growth record of the United States is impressive.
1. Real GDP has increased more than six fold since 1940, and real per capita GDP has risen almost fourfold.
2. Rate of growth record shows that real GDP has grown 3.1 percent per year since 1950 and real GDP per capita has grown about 2 percent per year. But the arithmetic needs to be qualified.
a. Growth doesn’t measure quality improvements.
b. Growth doesn’t measure increased leisure time.
c. Growth doesn’t take into account adverse effects on environment or human security.
d. International comparisons are useful in evaluating U.S. performance. For example, Japan grew more than twice as fast as U.S. until the 1990s when the U.S. far surpassed Japan.
Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Q : Perfectly competitive market and its Which of the given is not a characteristic of a perfectly competitive market structure: w) there are a very huge number of firms which are small compared to the market. x) All firms sell the same products. y) There are no restrictions to entry through
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