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If real GDP is growing at 4% per year, under what specific circumstances or conditions would the standard of living in the economy be deteriorating?
If real GDP is growing at 4% per year, under what specific circumstances or conditions would the standard of living in the economy be deteriorating?
Under what specific circumstances or conditions would the standard of living in the economy be improving?
Does the real per capita income change in both cases? If so, how and why? Be specific.
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