What interpretation can we give to this phenomenon

Reference no: EM133461178

Questions: If we compare the real Gross Domestic Product (real GDP) of the United States in 1980 of around 6,763 billion dollars in 2012, with the estimated real GDP for 2022 of 20,015 billion dollars in 2012 , we see that the estimated figure for 2022 is 3.1 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 3.1 times more goods and services by the end of 2022 than in 1980?
3- Can we say that the standard of living would have practically multiplied by 3.1 during the period 1980-2022?
4- Is it true that economic well-being in the United States would have multiplied by 3.1?
5- Will its residents be 3.1 times happier in 2022 than we were in 1980?
6- Does the per capita GDP take into account income distribution problems in the countries?
7- What other measures can be used to measure economic well-being?

Reference no: EM133461178

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