Question

In the united states, spending on social security, medicare, and medicaid was approximately ________ of gdp in 1962, and is expected to be approximately ________ of gdp in 2050.

Answer 1

In the united states, spending on social security, medicare, and Medicaid was approximately 3% of the Gross domestic product in 1962 and is expected to be approximately 20% of the Gross domestic product in 2050.

The gross domestic product is a measure of the market value of all the completed products and services produced in a country within a specific time period.

Due to the measurement's complexity and subjectivity, it must be constantly revised before it can be considered a reliable indication.

In contrast to nominal GDP, which is better for comparing national economies on the international market, utilizing a base of Gross domestic product per capita at purchasing power parity (PPP) may be more beneficial for comparing living standards between nations.

However, variations in the cost of living and inflation rates across the nations are not reflected in the nominal gross domestic product (GDP) per capita.

The contribution of each industry or sector to the overall Gross domestic

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