Question

does a 10 percent rise in real gdp in a given year means that people on a average is 10 percent better off as compared to the last year. Why or why not . Give reason

Answer 1

Answer:

3.0 percent

Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the third quarter of 2017 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second