Explain how the United Nations uses the Human Development Index (HDI) to better measure the standard of living around the globe
What will be an ideal response?
Economists have long realized that the level of real GDP per person is not a total measure of a country's standard of living. The United Nations has constructed an index, referred to as HDI, that attempts to measure the well-being of people in a given country. This index takes into account the country's level of real GDP per person as well as also other key factors, such as life expectancy, health, and education levels.
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A positive relationship between the rate of change in money prices and real GDP is
A) a leading relationship B) a lagging relationship. C) an example of countercyclicality. D) a Phillips curve.
In terms of insurance, which of the following statements is explained by adverse selection?
A. A person with riskier characteristics tends to be more likely to buy insurance. B. Insurance companies charge risk-averse customers a higher premium, since they need more peace of mind. C. A person who is more risk-averse tends to be more likely to buy insurance. D. None of these statements is true.