a reason that the united states has the largest economy in the world because a american workers

Step 1: The United States has the largest economy in the world because American workers are very

A reason that the united states has the largest economy in...

A reason that the United States has the largest economy in the world is because ________. A. American workers are very productive. B. it has the most land to work with. C. it has a smaller population to support. D. All of the responses are correct. Perhaps the best measure of economic progress is _____ A. the annual inflation rate, since it accounts for what is happening to prices. B. the growth rate of real GDP per capita, since it takes into account both price changes and population growth. C. the annual growth rate in the population. D. the amount of working time needed for an individual worker to afford certain goods and services.

Transcript

00:01 So here we have a couple of short questions about the basic idea of why countries are rich, right? macroeconomic progress.

00:09 Here in number one, u .s.

00:13 Is the largest economy.

00:18 Why? well, they give us a whole bunch of reasons.

00:22 Right.

00:24 High productivity.

00:26 Absolutely.

00:27 This is a compelling reason.

00:28 If you are productive, that means you produce a lot.

00:32 The size of the economy is how much you produce.

00:35 So if you produce a lot, you'll have a larger economy.

00:37 Absolutely.

00:38 B, lots of land.

00:43 This is tricky.

00:45 Helps, but not crucial.

00:52 Land, frankly, is just not that big a deal in the modern economy, right? it just isn't, right? most of what we do is education and labor and machines.

01:03 Land is just not a huge deal.

01:08 And for example, canada has more land right above the united states, but canada is not nearly as big as the united states.

01:16 So having land helps, but it's really not a big deal, right? see, smaller population.

01:25 This is just wrong, right? more workers will give you a larger economy, right? if i have more people to make stuff, i will have a larger economy.

01:39 So, and then d, so this one is clearly wrong.

01:44 D is all, well, it's not c, so it can't be d, which means the only plausible answer is a.

01:52 For two, we've got best measure of progress.

02:09 Well, a is inflation.

02:12 This is obviously wrong, right? if anything, inflation is bad...

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