If % change in GDP increases, how will this affect living standards?

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If % change in GDP increases, how will this affect living standards?

2007-10-29 12:03:39 · 1 answers · asked by Jimmy_830 3 in Social Science ➔ Economics

1 answers

It depends. If the GDP grows at the same rate as inflation, there is not gain. If it grows faster, then living standards improve, and visa versa.
It also depends on who gets the gain. It has to be spread around so everyone feels the effect.

2007-10-29 12:13:13 · answer #1 · answered by Songbyrd JPA ✡ 7 · 0⤊ 0⤋