Question: Given the data for the United States between 1960 and 2010, complete the table below and answer the questions that follow. a. Between 1960 and

Given the data for the United States between 1960 and 2010, complete the table below and answer the questions that follow.

a. Between 1960 and 2010:
i. GDP was how many times larger in 2010 than in 1960?
ii. The price level was how many times larger in 2010 than in 1960?
iii. Real GDP was how many times larger in 2010 than in 1960?
iv. What is the relationship between these values?
b. What was the percentage change in real GDP per capita between 1960 and 2010? Were people in the United States better off in 2010 than in 1960?
c. What are some of the problems associated with using real GDP per capita as a measure of our well-being?

GDP (billions of Real GDP (billions of Real GDP per Capita (billions of GDP Deflator Population Year dollars (2000 100) 2000 dollars) (millions 2000 dollars) 1960 1970 1,038.5 1980 1990 2000 9,817.0 2010 14,498.9 526.4 20.04 180.7 14,537 3,772.3 5,109.0 205.1 54.06 22,437 81.61 28,432 250.1 282.4 308.7 9,817.0 125.14

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