explain it correctly not copy paste a. Explain in what way GDP is a measure of the standard of living in a country.b. If GDP is a measure of the standard of living in a country and China's GDP is second highest inthe world, does that mean that China has the second highest standard of living in the world?Edit View Insert Format Tools Table

“Since you have asked multiple questions, we will solve the first question for you. If you want any…

Answered: a. Explain in what way GDP is a measure…

Business

Economics

a. Explain in what way GDP is a measure of the standard of living in a country.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter5: National Income Accounting

Section: Chapter Questions

Problem 14E

See similar textbooks

Related questions

Q: i need g to h

A: Thank you for the question. As per Bartleby's answering guidelines, we answer 3 subparts per…

Q: Make flow chart of type of budget?

A: budget is a estimate expense and income for certain period of time

Q: The parts where it is written on paper the paragraphs below. Can you please type them as I do not…

A: Budget line shows the relationship between the goods , their prices and the income of consumer. The…

Q: This is practice and I need it explained in detail please.

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: 5. Opportunity cost and production possibilities Lorenzo is a skilled toy maker who is able to…

A: Production Possibility Frontier represents the different combinations of two goods that can be…

Q: describe fertilizer/ what it is used for, etc

A: Answer: Fertilizer: a fertilizer is any natural or synthetic substance that is applied to soil or…

Q: what kind of data is used in BI

A: BI Stands for Business Intelligence it refers to the applications, technologies & practices for…

Q: HOW TO DRAW A TABLE FORM

A: There are 4 possible ways in which the other player can act :- 1) always choose ‘C’ 2) He will…

Q: how is the graph numbered? from what number to what number ?

A: The lowest production frontier is war-hit frontier. That reduces production of both sectors.The…

Q: c) What is the cost of the consumer's original 2018 bundle at the new 2019 prices? How much…

A: Now, the price of food F1= $100 the price of housing increased H1 = $200. the cost of the…

Q: Connor started with $10 and is saving $2 a week. Carlie started with $16 spending 1 a week. How many…

A: Present worth is a financial concept used to determine the value of future cash flows in today's…

Q: Where do you get the number 11?

A: Given, Marginal propensity to save (mps)=0.2 Marginal propensity to import (mpm)=0.1 Marginal income…

Q: What are speed payments? Could they potentially be ethical? Does it matter where speed money…

A: Speed payments, also known as 'facilitation payments' or 'grease payments', are small bribes paid to…

Q: When I entered my answer in my online math assigment it said it was wrong

A: We use this formula to solve the above problem: A = P(1 + r)t where A is the amount that you get…

Q: If the value of the CPI in 2010 was 218.1 and the value of the CPI in 2011 was 224.9, calculate the…

A: Inflation rate can be calculated as follows.

Q: If you want to minimize interest payments on a loan, you'll need one that has a simple interest rate…

A: When talking about the future worth of an investment, it can be said that the future worth depends…

Q: how you know what c value to look a

A: A strategy is said to be dominating when choosing it provides better payoffs independent of the…

Q: This ended up being wrong. Can you please re-do? Thanks

A: Market equilibrium: At the market equilibrium demand equals supply. Or at market equilibrium point…

Q: One In the News article titled "CDs Not Paying Much" suggests that Multiple Choice O Interest rates…

A: Interest rate:Interest is the amount that you get on the deposits. it can be fixed or compound,…

Q: blanks C and D?

A: Market quantity supplied is the sum of individual quantity supplied at different price level.

Question

explain it correctly not copy paste

a. Explain in what way GDP is a measure of the standard of living in a country.
b. If GDP is a measure of the standard of living in a country and China's GDP is second highest in
the world, does that mean that China has the second highest standard of living in the world?
Edit View Insert Format Tools Table

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

How might you measure a green GDP?
What are the main components of measuring GDP with what is produced?
List some of the reasons why economists should not consider GDP an effective measure of the standard of living in a county.
Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
Country A has export sales of 20 billion, government purchases of 1,000 billion, business investment is 50 billion, imports are 40 billion, and consumption spending is 2,000 billion. What is the dollar value of GDP?
Ethiopia has a GDP of 8 billion (measured in U.S. dollars) and a population of 55 million. Costa Rica has a GDP of 9 billion (measured in U.S. dollars) and a population of 4 million. Calculate the per capita GDP for each country and identify which one is higher.
What does GDP not tell us about the economy?