ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Transcribed Image Text:TOP 10
The World's Biggest Economies for 2019 and 2020
Nominal GDP in USD Trillion
USA
21.48
22.336
China
14.17
14.678
Japan
5.22
5.424
Germany
4
4.12
4.487
UK
5
2.96
3.198
6.
India
2.84
3.304
France
2.81
3.125
Italy
8.
2.11
2.279
Brazil
6.
1.93
2.201
Canada 10
1.82
1.898
2019
2020
Transcribed Image Text:Based on your knowledge of GDP, what conclusion could be drawn from the chart above?
O China produces more final products than Japan
Canada produces more final products than Gremany
O China has a higer standard of living than Germany
O The United States has the highest standard of living in the world
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Step 1
In an economy, GDP growth implies the total productivity, whole living standards do not only rely on GDP growth as it is the situation when an economy is able to obtain economic development.
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