If we compare the real gross domestic product, real GDP, of the United States of 1980 (6,450 billion dollars of the year 2009), with the real GDP estimated for the year 2019 (18,397 billion dollars of the year 2009) we see that the estimated figure for 2019 is 2.85 times greater than that observed in 1980.

a) What interpretation can we give to this phenomenon?

b) Is it true that, on average, families in this country would have 2.85 times more goods and services at the end of 2019 than in 1980?

c) Can we say that the standard of living would have practically multiplied by 2.85 during the period 1980-2019?

d) Is it true that economic well-being in the United States would have multiplied by 2.85?

e) Will your residents be 2.85 times happier in 2019 than we were in 1980?

Note: Here Iam talking about the following topic: Real Gross Domestic Product, Nominal Gross Domestic Product and Per capita Gross Domestic Product, as measures of growth and economic well-being.

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