Question

The American economy, measured by GDP, is the largest in the world in total size and among the largest in terms of GDP per person, even after the devastating financial collapse of 2008 and the deep recession associated with it (the worst since the Great Depression in the 1930s). Over the long haul, and despite many recessions and a few depressions along the way, the American economy has grown at a steady pace over the course of its history. For example, economic historians estimate that the average American grew eight times richer between 1820 and 1952. Between 1945 and 2007, during the post–World War II boom, the average American became three times richer.

Answer 1

The passage highlights the resilience and growth of the American economy over its history despite periods of economic downturn. It mentions that the American economy, as measured by GDP, is one of the world's largest in terms of total size and GDP per capita. It also notes that the U.S. economy experienced a significant financial collapse in 2008, leading to a deep recession, the most severe since the Great Depression of the 1930s.

Step-by-step explanation:

Additionally, the passage provides some historical context about the growth of the American economy. It mentions that, despite various economic challenges, the U.S. economy has experienced steady growth over the long term. It provides two specific examples:

Between 1820 and 1952, the average American's wealth grew eightfold, indicating significant economic growth.

From 1945 to 2007, encompassing the post-World War II economic boom, the average American became three times richer, illustrating substantial economic progress.

These historical growth patterns are noteworthy and demonstrate the overall resilience and expansion of the American economy over time.