Question

a. did this gdp growth benefit all americans?
americans with income in the bottom half of the income distribution benefited more.
americans with income in the upper half of the income distribution benefited more.
all people benefited equally.
b. what does this tell us about the limitations of gdp as a measure of living standards?
that gdp ignores the distribution of income
that leisure does not count
that prices are not values
that environmental degradation is not counted

Explanation:

a. GDP growth does not necessarily mean all groups benefit equally. In practice, income - distribution matters, and often those with higher incomes benefit more from economic growth.
b. GDP is a measure of the market value of all final goods and services produced within a country in a given period. It ignores income distribution, environmental degradation, non - market activities like leisure, and does not account for the true value of goods and services in terms of well - being.

Answer:

a. Americans with income in the upper half of the income distribution benefited more.
b. That GDP ignores the distribution of income, that leisure does not count, that environmental degradation is not counted, that prices are not values.