Drawing conclusions from international comparisons of GDP are difficult to assess because
A) GDP is understated in poorer countries because much of the work that people do is not provided in markets.
B) GDP cannot be adequately evaluated as a measure of people's welfare or well-being.
C) without adjusting for purchasing power parity, GDP comparisons might very well be meaningless.
D) all the above reasons hold true.
D
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An exchange rate is the price of one country's currency in terms of another country's currency
Indicate whether the statement is true or false
Which of the following statements about markets is not true?
a. A market is an impersonal mechanism. b. Markets coordinate the independent decisions of buyers and sellers. c. Markets reduce the transaction costs of exchange. d. More specialized markets are generally found in urban areas. e. All markets provide the same amounts of information.
?National income (NI) is calculated by adjusting GDP for:
A. ?depreciation. B. ? investment and net exports. C. ?Social Security insurance contributions and transfer payments. D. ?corporate and personal income taxes.
The marginal revenue curve for a perfectly competitive firm will be downward sloping.
Answer the following statement true (T) or false (F)