According to the World Bank, in 2006, China's GDP was approximately $2.7 trillion (or $2,700 billion). That same year, India's GDP was approximately $906.3 billion
With which of the following populations would China's standard of living have been considered higher than India's that year?
A) China's population = 1.3 billion; India's population = 1.1 billion
B) China's population = 8.3 billion; India's population = 1.1 billion
C) China's population = 3.5 billion; India's population = 1.1 billion
D) China's population = 500 million; India's population = 125 million
A
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Distinguish the terms price ceiling and price floor.
What will be an ideal response?
Rapid inflation makes holding a large amount of money: a. wiser, because you will generally need more and more to buy the goods and services you want. b. less wise, because the opportunity cost of holding money is high
c. less wise, because someone might steal it, or it might be destroyed. d. wiser, because the opportunity cost of holding money is high.
Assume the money market is initially in equilibrium. If the price level increases, then according to liquidity preference theory there is an excess
a. supply of money until the interest rate increases. b. supply of money until the interest rate decreases. c. demand for money until the interest rate increases. d. demand for money until the interest rate decreases.
Output combinations that lie inside the production possibilities curve are characterized by efficient use of resources.
Answer the following statement true (T) or false (F)