The United Nations Human Development Report gives the following data for real GDP per person in 2018: China, $15,270; Russia,$24,233; Canada, $43,433; United States, $54,941. Life expectancy at birth is 79.3 in Canada, 78.8 in the United States, 76.6 in China, and 72.3 in Russia. Freedom House rates political freedom each year, and its ratings are asfollows: Canada, 1.0; the United States, 1.5; Russia, 6.5; and China, 6.5 ((1.0 is the most free and 7.0 is the least free). How do life expectancy at birth and
The United Nations Human Development Report gives the following data for real GDP per person in 2018: China, $15,270; Russia,$24,233; Canada, $43,433; United States, $54,941. Life expectancy at birth is 79.3 in Canada, 78.8 in the United States, 76.6 in China, and 72.3 in Russia. Freedom House rates political freedom each year, and its ratings are asfollows: Canada, 1.0; the United States, 1.5; Russia, 6.5; and China, 6.5 ((1.0 is the most free and 7.0 is the least free). How do life expectancy at birth and
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
The United Nations Human Development Report gives the following data for real GDP per person in 2018: China, $15,270; Russia,$24,233; Canada, $43,433; United States, $54,941.
Life expectancy at birth is 79.3 in Canada, 78.8 in the United States, 76.6 in China, and 72.3 in Russia.
Freedom House rates political freedom each year, and its ratings are asfollows: Canada, 1.0; the United States, 1.5; Russia, 6.5; and China, 6.5 ((1.0 is the most free and 7.0 is the least free).
How do life expectancy at birth and political freedom change the relative ranking of living standards that real GDP per person indicate?
Question content area bottom
Part 1
They don't change the relative ranking because they rank countries in a similar way as real GDP per person ranks them.
They completely reverse the relative ranking because they rank countries exactly opposite to the way that real GDP per person ranks them.
They don't change the relative ranking of Canada and the United States but they lower the ranking of Russia and China.
They don't change the relative ranking of Russia and China but they raise the ranking of Canada and the United States.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
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.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education