Last year country A had a nominal GDP of $600 billion, a GDP deflator of 150 and a population of 40 million. Country B had a nominal GDP of $720 billion, a GDP deflator of 120 and a population of 50 million. From these numbers which country is likely to have had the higher standard of living?
a. Country A because it had the higher nominal GDP per person.
b. Country B because it had the higher nominal GDP per person.
c. Country A because it had the higher real GDP per person.
d. Country B because it had the higher real GDP per person.
d
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The United States imports cars from Japan. If the United States imposes a tariff on cars imported from Japan
A) U.S. consumers lose and Japanese producers gain. B) U.S. tariff revenue equals the loss of U.S. consumer surplus. C) U.S. consumers lose and U.S. producers gain. D) U.S. car manufacturers gain revenue equal to the revenue lost by Japanese car manufacturers.
According to the above figure, a shortage is shown between which two points?
A) A and E B) C and B C) A and B D) E and F
According to most economists, reducing automobile emissions to zero would be:
a. optimal. b. inefficient. c. beneficial. d. impossible.
Floods in the Midwest that diminish farm output would shift the aggregate supply curve outward
a. True b. False Indicate whether the statement is true or false