The United Nations Human Development Report gives the following data for real GDP per person in 2014: China, $12,547; Russia, $22,352; Canada, $42,155; United States, $52,947. Other information suggests that household production is similar in Canada and the United States and smaller than in China and Russia. The underground economy is larger in Russia and China and a similar proportion of each of these economies. Canadians and Americans enjoy more leisure hours than do the Chinese and Russians. Canada and the United States spend significantly more on the environment than do China and Russia. In which pair (or pairs) of countries is it easiest to compare the standard of living? And in which pair (or pairs) is it most difficult? Explain why. The standard of living can be easily compared . A. between China and Canada because they have a similar land size B. between China and Russia or between Canada and the United States, because household production, the underground economy, leisure hours, and the environment are similar in each pair C. among none of the four countries because they are too different D. between Russia and the United States because they are both super powers E. among all four countries because real GDP per person includes a reliable measure of income, household production, the underground economy, leisure hours, and the environment The standard of living cannot be easily compared in and because .

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The United Nations Human Development Report gives the following data for real GDP per person in 2014: China, $12,547; Russia, $22,352; Canada, $42,155; United States, $52,947.

Other information suggests that household production is similar in Canada and the United States and smaller than in China and Russia.

The underground economy is larger in Russia and China and a similar proportion of each of these economies.

Canadians and Americans enjoy more leisure hours than do the Chinese and Russians.

Canada and the United States spend significantly more on the environment than do China and Russia.

In which pair (or pairs) of countries is it easiest to compare the standard of living?

And in which pair (or pairs) is it most difficult?

Explain why.

The standard of living can be easily compared ______.

between China and Canada because they have a similar land size

between China and Russia or between Canada and the United States, because household production, the underground economy, leisure hours, and the environment are similar in each pair

among none of the four countries because they are too different

between Russia and the United States because they are both super powers

among all four countries because real GDP per person includes a reliable measure of income, household production, the underground economy, leisure hours, and the environment

The standard of living cannot be easily compared in ______ and ______ because ______.

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