Multiple Choice
The price level rises in the short run if:
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1. Introduction to Macroeconomics
Introduction to Economics
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In 1960, which country accounted for the largest share of world output, as measured by GDP?
A
Japan
B
Germany
C
United Kingdom
D
United States
Verified step by step guidance1
Understand that the problem is asking which country had the largest share of world output in 1960, measured by GDP (Gross Domestic Product).
Recall that GDP represents the total market value of all final goods and services produced within a country in a given period, and it is a common measure of economic size.
Consider historical economic data from 1960, noting that the United States was the largest economy post-World War II, with a significantly higher GDP compared to other countries like Japan, Germany, or the United Kingdom at that time.
Recognize that Japan and Germany experienced rapid economic growth after 1960, but their GDPs were still smaller than that of the United States in 1960.
Conclude that the United States accounted for the largest share of world output in 1960 based on its dominant GDP size relative to other countries.
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