From this data, we should expect internationally traded commodities to be more expensive in Norway than in the USA. is it true or false 122341060IN356Nominal per capitaLuxembourgNorwayQatarSwitzerlandDenmarkAustraliaUnited Arab EmiratesSwedenNetherlands78910USA24 New Zealand183 BurundiUS$108,952 184,144 274,90167,779233457,884 555,986 655.672 7PPP per capitaQatarLuxembourgSingaporeNorwayBruneiUnited Arab EmiratesUSA49,183 8Switzerland46,986 9Netherlands46,860 10Australia32,163 33 New Zealand180183 CongoSource: International Monetary Fund, World Economic Outlook DatabaseUS$88,22281,46656,69451,95948,33347.43946,86041,95040,97339,76427,130329

Because of changes in living costs, inflation rates, and currency rates, purchasing power differs…

1 2 3 34567 4 5 6 8 9 Nominal per capita Luxembourg Norway Qatar Switzerland Denmark Australia United Arab Emirates Sweden Netherlands 10 USA 24 New Zealand 183 Burundi US$ 108,952 1 84,144 2 74,901 3 67,779 4 57,884 5 55,986 6 55.672 7 49,183 8 46,986 9 46,860 10 32,163 180 PPP per capita Qatar Luxembourg Singapore Norway Brunei United Arab Emirates USA Switzerland Netherlands Australia 33 New Zealand 183 Congo US$ 88,222 81,466 56,694 51,959 48,333 47.439 46,860 41,950 40,973 39,764 27,130 329

1 2 3 34567 4 5 6 8 9 Nominal per capita Luxembourg Norway Qatar Switzerland Denmark Australia United Arab Emirates Sweden Netherlands 10 USA 24 New Zealand 183 Burundi US$ 108,952 1 84,144 2 74,901 3 67,779 4 57,884 5 55,986 6 55.672 7 49,183 8 46,986 9 46,860 10 32,163 180 PPP per capita Qatar Luxembourg Singapore Norway Brunei United Arab Emirates USA Switzerland Netherlands Australia 33 New Zealand 183 Congo US$ 88,222 81,466 56,694 51,959 48,333 47.439 46,860 41,950 40,973 39,764 27,130 329

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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