Answer to Question #102815 in Macroeconomics for McKenzie Knox

Question

2) U.S. nominal GDP is significantly higher than it was 60 years ago. What does this imply (if anything) about the happiness and well-being of each person in the United States? What would we need to determine the change in well-being for the average American?

Answer 1

Nothing.

We need to know the inflation level during this period, and the population change.