Which of the following is a true statement?
a. International data leave few doubts that a nation's GDP per person is associated with its citizens' standard of living.
b. Rich and poor countries often have vastly different standards of living, but similar levels of real GDP per person.
c. The value of leisure time is included in the calculation of GDP per person.
d. International data indicate that measures on the distribution of income are closely associated with GDP per person.
a
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The term for an innovative new product or production technology that disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to lose income and profits, unless they can come up with their own innovations is called a(n)
a. innovative market change b. disruptive market change. c. productivity market change d. technological market change
In reality, there is not one labor market, but many.
Answer the following statement true (T) or false (F)