The GNP of the U.S. accounts for approximately 20% of the global economic output. Since our population is only about 6% of the world’s total population, our per capita living standard is very high relative to the rest of the world. What factors do you think the U.S. Government takes into consideration when it estimates whether the American standard of living will increase or decrease, and to what extent, over the next ten years?

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When estimating whether the American standard of living will increase or decrease over the next ten years the US government considers various economic social and demographic factors Some of the key fa... View the full answer