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
Economics
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The federal government has a Constitutional requirement to operate a balanced budget each fiscal year
Indicate whether the statement is true or false
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Firms can earn economic profits even in the long run if
a. they charge the highest price possible b. there is a cost-reducing technological change c. there are significant barriers to entry d. marginal revenue equals marginal cost e. price is less than average variable cost at all rates of output
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