How can we compare standards of living across countries?
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It is difficult to compare standards of living across countries. Per capita Gross Domestic Product (GDP) is a good starting point, but figures using different currencies must be converted to one currency if comparisons are to be made. There are problems with using the exchange rate to make these conversions because not all goods and services are sold in world markets. The best measure is to use purchasing power parity comparisons, but this has drawbacks, too, because the value of leisure and the value of household production are not included.
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