How much more output will the average American have next year if the $11 trillion U.S. economy grows by:
a.
To determine the answer to this question, we need to calculate the percentage growth rate of the U.S. economy and then apply that growth rate to the average output per American.
Step 1: Calculate the growth rate of the U.S. economy
In this case, we are given that the U.S. economy currently stands at $11 trillion, but we need to know the growth rate for next year. Let's assume that the growth rate for next year is given as a percentage increase or decrease (e.g., +2%, -3%, etc.).
Step 2: Apply the growth rate to the average output per American
To determine the average output per American, we need to know the total population of the U.S. and divide the total output of the economy by the population. Let's assume there are 330 million people in the U.S. (this number is approximate as it can vary). So the average output per American would be:
Average output per American = Total output of the economy / Population
Once we have the growth rate and average output per American, we can calculate the increase in output for the average American next year.
Increase in output = Average output per American * (Growth rate / 100)
By substituting the values of the average output per American and the growth rate into the formula, you can calculate the increase in output for the average American next year.