a. Compare and analyze the two types of ranking (GDP and Per Capita GDP).b. What are the criticisms with the two types of ranking (GDP and Per Capita)? ### Economic Data from the International Monetary Fund Outlook Database#### 1. GDP by Country (October 2019)This list illustrates the Gross Domestic Product (GDP) of various countries according to data from the IMF Outlook Database as of October 2019. The GDP values are expressed in trillions of US dollars (USD).- **United States:** $21.44 trillion- **China:** $14.14 trillion- **Japan:** $5.15 trillion- **Germany:** $3.86 trillion- **India:** $2.94 trillion- **United Kingdom:** $2.83 trillion- **France:** $2.71 trillion- **Italy:** $1.99 trillion- **Brazil:** $1.85 trillion- **Canada:** $1.73 trillion#### 2. GDP per Capita by Country (April 2019)This list presents the GDP per capita for different countries using the IMF data from April 2019. The GDP per capita is shown in US dollars (USD).- **Luxembourg:** $116,730- **Switzerland:** $86,670- **Ireland:** $80,260- **Macao SAR:** $80,070- **Norway:** $78,330- **Qatar:** $70,740- **United States:** $67,430- **Iceland:** $66,600- **Singapore:** $64,830- **Denmark:** $61,730This data highlights the economic output and individual wealth levels across different nations, offering insights into global economic standings and living standards.

a. Gross domestic product of a country is the market value of all final commodities and services…

Answered: a. Compare and analyze the two types of…

a. Compare and analyze the two types of ranking (GDP and Per Capita GDP). b. What are the criticisms with the two types of ranking (GDP and Per Capita)?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

a. Compare and analyze the two types of ranking (GDP and Per Capita GDP).

b. What are the criticisms with the two types of ranking (GDP and Per Capita)?

### Economic Data from the International Monetary Fund Outlook Database

#### 1. GDP by Country (October 2019)
This list illustrates the Gross Domestic Product (GDP) of various countries according to data from the IMF Outlook Database as of October 2019. The GDP values are expressed in trillions of US dollars (USD).

- **United States:** $21.44 trillion
- **China:** $14.14 trillion
- **Japan:** $5.15 trillion
- **Germany:** $3.86 trillion
- **India:** $2.94 trillion
- **United Kingdom:** $2.83 trillion
- **France:** $2.71 trillion
- **Italy:** $1.99 trillion
- **Brazil:** $1.85 trillion
- **Canada:** $1.73 trillion

#### 2. GDP per Capita by Country (April 2019)
This list presents the GDP per capita for different countries using the IMF data from April 2019. The GDP per capita is shown in US dollars (USD).

- **Luxembourg:** $116,730
- **Switzerland:** $86,670
- **Ireland:** $80,260
- **Macao SAR:** $80,070
- **Norway:** $78,330
- **Qatar:** $70,740
- **United States:** $67,430
- **Iceland:** $66,600
- **Singapore:** $64,830
- **Denmark:** $61,730

This data highlights the economic output and individual wealth levels across different nations, offering insights into global economic standings and living standards.

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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