Introduction Global inequality is a systematic difference in wealth and power among countries. The World Bank uses Gross Domestic Product to compare countries, ranking them as high-income, upper-middle, lower-middle and low income. This measure hides inequality within countries and only measures the value of goods for sale.

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Answer 1

Question

Chapter 9, Problem 1CC-P202

Summary Introduction

Introduction

Global inequality is a systematic difference in wealth and power among countries. The World Bank uses Gross Domestic Product to compare countries, ranking them as high-income, upper-middle, lower-middle and low income. This measure hides inequality within countries and only measures the value of goods for sale.

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Explanation of Solution

Answer and explanation

The World Bank makes loans to needy countries, and ranks them to measure global inequality. These rankings are high-income (18% of world population), high-middle, low-middle, and low income (48% of the population live in the last two categories. The rankings are based on gross domestic product (GDP), which adds up the value of all the good a country produces. One problem with this measurement is that it only counts goods made for sale and not subsistence activities, so people who make noncash transactions do not get counted. Another problem is that the GDP is a national average which masks inequality inside each country, and skews upward when a few very high income people increase the average.

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Answer 2

Question

Chapter 9, Problem 1CC-P202

Summary Introduction

Introduction

Global inequality is a systematic difference in wealth and power among countries. The World Bank uses Gross Domestic Product to compare countries, ranking them as high-income, upper-middle, lower-middle and low income. This measure hides inequality within countries and only measures the value of goods for sale.

Expert Solution & Answer

Explanation of Solution

Answer and explanation

The World Bank makes loans to needy countries, and ranks them to measure global inequality. These rankings are high-income (18% of world population), high-middle, low-middle, and low income (48% of the population live in the last two categories. The rankings are based on gross domestic product (GDP), which adds up the value of all the good a country produces. One problem with this measurement is that it only counts goods made for sale and not subsistence activities, so people who make noncash transactions do not get counted. Another problem is that the GDP is a national average which masks inequality inside each country, and skews upward when a few very high income people increase the average.

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Answer 3

Question

Chapter 9, Problem 1CC-P202

Summary Introduction

Introduction

Global inequality is a systematic difference in wealth and power among countries. The World Bank uses Gross Domestic Product to compare countries, ranking them as high-income, upper-middle, lower-middle and low income. This measure hides inequality within countries and only measures the value of goods for sale.

Expert Solution & Answer

Explanation of Solution

Answer and explanation

The World Bank makes loans to needy countries, and ranks them to measure global inequality. These rankings are high-income (18% of world population), high-middle, low-middle, and low income (48% of the population live in the last two categories. The rankings are based on gross domestic product (GDP), which adds up the value of all the good a country produces. One problem with this measurement is that it only counts goods made for sale and not subsistence activities, so people who make noncash transactions do not get counted. Another problem is that the GDP is a national average which masks inequality inside each country, and skews upward when a few very high income people increase the average.

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Answer 4

Question

Chapter 9, Problem 1CC-P202

Summary Introduction

Introduction

Global inequality is a systematic difference in wealth and power among countries. The World Bank uses Gross Domestic Product to compare countries, ranking them as high-income, upper-middle, lower-middle and low income. This measure hides inequality within countries and only measures the value of goods for sale.

Expert Solution & Answer

Explanation of Solution

Answer and explanation

The World Bank makes loans to needy countries, and ranks them to measure global inequality. These rankings are high-income (18% of world population), high-middle, low-middle, and low income (48% of the population live in the last two categories. The rankings are based on gross domestic product (GDP), which adds up the value of all the good a country produces. One problem with this measurement is that it only counts goods made for sale and not subsistence activities, so people who make noncash transactions do not get counted. Another problem is that the GDP is a national average which masks inequality inside each country, and skews upward when a few very high income people increase the average.

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Answer 5

Chapter 9, Problem 1CC-P202

Summary Introduction

Introduction

Global inequality is a systematic difference in wealth and power among countries. The World Bank uses Gross Domestic Product to compare countries, ranking them as high-income, upper-middle, lower-middle and low income. This measure hides inequality within countries and only measures the value of goods for sale.

Expert Solution & Answer

Explanation of Solution

Answer and explanation

The World Bank makes loans to needy countries, and ranks them to measure global inequality. These rankings are high-income (18% of world population), high-middle, low-middle, and low income (48% of the population live in the last two categories. The rankings are based on gross domestic product (GDP), which adds up the value of all the good a country produces. One problem with this measurement is that it only counts goods made for sale and not subsistence activities, so people who make noncash transactions do not get counted. Another problem is that the GDP is a national average which masks inequality inside each country, and skews upward when a few very high income people increase the average.

Answer 6

Chapter 9, Problem 1CC-P202

Summary Introduction

Introduction

Global inequality is a systematic difference in wealth and power among countries. The World Bank uses Gross Domestic Product to compare countries, ranking them as high-income, upper-middle, lower-middle and low income. This measure hides inequality within countries and only measures the value of goods for sale.

Expert Solution & Answer

Explanation of Solution

Answer and explanation

The World Bank makes loans to needy countries, and ranks them to measure global inequality. These rankings are high-income (18% of world population), high-middle, low-middle, and low income (48% of the population live in the last two categories. The rankings are based on gross domestic product (GDP), which adds up the value of all the good a country produces. One problem with this measurement is that it only counts goods made for sale and not subsistence activities, so people who make noncash transactions do not get counted. Another problem is that the GDP is a national average which masks inequality inside each country, and skews upward when a few very high income people increase the average.

Answer 7

Chapter 9, Problem 1CC-P202

Summary Introduction

Introduction

Global inequality is a systematic difference in wealth and power among countries. The World Bank uses Gross Domestic Product to compare countries, ranking them as high-income, upper-middle, lower-middle and low income. This measure hides inequality within countries and only measures the value of goods for sale.

Answer 8

Expert Solution & Answer

Explanation of Solution

Answer and explanation

The World Bank makes loans to needy countries, and ranks them to measure global inequality. These rankings are high-income (18% of world population), high-middle, low-middle, and low income (48% of the population live in the last two categories. The rankings are based on gross domestic product (GDP), which adds up the value of all the good a country produces. One problem with this measurement is that it only counts goods made for sale and not subsistence activities, so people who make noncash transactions do not get counted. Another problem is that the GDP is a national average which masks inequality inside each country, and skews upward when a few very high income people increase the average.

Answer 9

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Answer 10

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Answer 11

Ch. 9 - Prob. 1CC-P202 Ch. 9 - Prob. 2CC-P202 Ch. 9 - Prob. 1CC-P208 Ch. 9 - Prob. 2CC-P208 Ch. 9 - Prob. 3CC-P208 Ch. 9 - Prob. 4CC-P208 Ch. 9 - Prob. 1CC-P212 Ch. 9 - Prob. 2CC-P212 Ch. 9 - Prob. 1CC-P215 Ch. 9 - Prob. 2CC-P215

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