Problem
If we compare the real gross domestic product, real GDP, of the United States in 1980 (6,450 billion dollars of the year 2009), with the estimated real GDP for the year 2019 (18,397 billion dollars of the year 2009) we see that the estimated figure for 2019 is 2.85 times larger than that observed in 1980.
1) What interpretation can we give to this phenomenon?
2) Is it true that, on average, families in this country would have, at the end of 2019, 2.85 times more goods and services than in 1980?
3) Can we say that the standard of living would have practically multiplied by 2.85 during the period 1980-2019?
4) Is it true that economic welfare in the United States would have multiplied by 2.85?
5) Will we residents be 2.85 times happier in 2019 than we were in 1980?