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- Why is average GDP per capita used In measuring standard of living for individuals in the economy?if A's GDP is higher than country's B GDP, does it follow that country A has a higher per capita GDP than country B?In your opinion, will real GDP or per capita real GDP be a better indicator in measuring well-being of a nation?
- Why do economists pay more attention to national economies (for example, the U.S. or Canadian economies) than to state or provincial economies (such as California or Ontario)?how would you describe the relationship between property rights and GDP per capita? Why do you think that relationship exist?Suppose that virtually everyone in the United States decides to take life a little easier, and the length of the average workweek falls by 25%. How will that affect GDP? Per capita GDP? How will it affect economic welfare?