Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 21, Problem 7MCQ
To determine
The correct option.
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Students have asked these similar questions
I. Nominal GDP and Nominal GDP per capita can best
measure the quality of living and standard of living
II. Real GDP and Real GDP per capita can best measure
quality of living and standard of living
III. To compare the standard of living across countries and
across time, some correction is needed to account for
exchange rates and price changes/differences
IV. While useful, GDP is a limited metric in the
measurement of the quality of living and the standard
of living
O All Statements are true
Only Statements III and IV are true
Only Statements II and III are true
Only Statements I and III are true
All Statements are false
Use the table to answer the questions. Round your answers to the nearest cent.
Country
Gross domestic product (GDP)
Population
Country A
$1.5$1.5 trillion
100100 million
Country B
$5$5 trillion
400400 million
What is the GDP per capita for Country A?
$
What is the GDP per capita for Country B?
$
Which country has the largest average GDP per capita?
Country B
Country A
Which of the following refers to those who are interested in assessing the relative standard of living in different countries over a given period?
a.Percentage change in nominal GDP
b.Population
c.Per capita GDP.
d.Nominal GDP
Chapter 21 Solutions
Foundations of Economics (8th Edition)
Ch. 21.A - Prob. 1SPPCh. 21.A - Prob. 2SPPCh. 21.A - Prob. 3SPPCh. 21.A - Prob. 4SPPCh. 21.A - Prob. 5SPPCh. 21.A - Prob. 6SPPCh. 21.A - Prob. 7SPPCh. 21.A - Prob. 1IAPCh. 21.A - Prob. 2IAPCh. 21.A - Prob. 3IAP
Ch. 21.A - Prob. 4IAPCh. 21.A - Prob. 5IAPCh. 21.A - Prob. 6IAPCh. 21.A - Prob. 7IAPCh. 21 - Prob. 1SPPACh. 21 - Prob. 2SPPACh. 21 - Prob. 3SPPACh. 21 - Prob. 4SPPACh. 21 - Prob. 5SPPACh. 21 - Prob. 6SPPACh. 21 - Prob. 7SPPACh. 21 - Prob. 8SPPACh. 21 - Prob. 9SPPACh. 21 - Prob. 10SPPACh. 21 - Prob. 1IAPACh. 21 - Prob. 2IAPACh. 21 - Prob. 3IAPACh. 21 - Prob. 4IAPACh. 21 - Prob. 5IAPACh. 21 - Prob. 6IAPACh. 21 - Prob. 7IAPACh. 21 - Prob. 8IAPACh. 21 - Prob. 9IAPACh. 21 - Prob. 10IAPACh. 21 - Prob. 11IAPACh. 21 - Prob. 12IAPACh. 21 - Prob. 1MCQCh. 21 - Prob. 2MCQCh. 21 - Prob. 3MCQCh. 21 - Prob. 4MCQCh. 21 - Prob. 5MCQCh. 21 - Prob. 6MCQCh. 21 - Prob. 7MCQ
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Similar questions
- U.S. real GDP is substantiality higher today than it was 60 years ago. What does this tell us, and what does it not tell us, about the well-being of U.S. residents.arrow_forwardMacmillan Learning Consider the table of GDP and population for several imaginary countries. $ Country Wrigleyville Longhornland Dinkytown GDP in millions of U.S. dollars Population in millions GDP per capita in U.S. dollars 225.0 143 197.00 $ 523.0 2947 Using this information, please answer the questions. If there is not enough information to answer a question, please enter -11. A. What is the GDP per capita of Longhornland in U.S. dollars? Express your answer rounded to one decimal place. 1.800 B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place.arrow_forwardGDP and GDP per-capita. a. Explain the difference between GDP and Per Capita GDP; b. Explain how to calculate Per Capita GDP, and how Per Capita GDP can be used.arrow_forward
- Use the table to answer the questions. Round your answers to the nearest cent. Country A Country CountryGross domestic product (GDP) Population 7 trillion $1.25 trillion 350 million 50 million What is the GDP per capita for Country A? What is the GDP per capita for Country B? Which country has the largest average GDP per capita? Country A O Country Barrow_forwardIn each of the following cases, determine how much GDP and each of its components is affected (if at all). Rabia spends $200 to buy her husband dinner at the finest restaurant in Karachi. Sarah spends $1800 on a new laptop to use in her publishing business. The laptop was built in Sadia spends $1200 on a computer to use in her editing business. She got last year’s model on sale for a great price from a local manufacturer. General Motors builds $500 million worth of cars, but consumers only buy $470 million worth of them.arrow_forwardPart A. What is the difference between GDP and Real GDP? Which is a better measure of well-being? Why? Part B. What is GDP per capital?arrow_forward
- Explain why GDP per capita is a better measure of a nation’s standard of living that GDP. What other factors, besides GDP per capita, impact a nation’s standard of living?arrow_forwardHow does the decline of natural resources and biodiversity affects Gross Domestic Product and Gross National Product?arrow_forward_________ is output per hour in the business sector. a)GDP per capita b)Investment c)Productivity d)Net exportsarrow_forward
- Why is it desirable for a country to have a large GDP?arrow_forwardTrue or false?Part A. Government production accounts for about half of all GDP in the United States. Part B.Gross domestic product is the money value of all final goods and services produced in an economy in a year.arrow_forwardTable 5-3 Population $4,800,000 million 127 million 7.2 million $9,800,000 million 280 million Country Nominal GDP A B $240,000 million Refer to Table 5-3. On the basis of the information in the table, which list below contains the correct ordering of GDP per person (from highest to lowest)? С, А, В С. В, А ОА, В, С O A, C, Barrow_forward
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