c. The standard of living in China is higher than the standard of living in Belgium...

c. The standard of living in China is higher than the standard of living in Belgium as the size of China’s real GDP in 2018 (using 2010 constant prices) was USD10,800,568.39 million compared to Belgium’s USD538,738.79 million (figures from the World Development Index Database). Do you agree or disagree with this statement? Refer to the UN Human Development Index to Justify your answer.

Solutions

Expert Solution

The GDP refers to the overall transaction of the country and thus does not indicate sthe standard of living of the people in the country

Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. GDP provides an economic snapshot of a country, used to estimate the size of an economy and growth rate. GDP can be calculated in three ways, using expenditures, production, or incomes.

Where as Standard of living refers to the degree of wealth and material comfort available to a person or community.

The Gdp of China is greater than Belgium but THe population of china is About to 139 crore AND The population of belgium is 1.14 crore

AS per UN

China's HDI value for 2018 is 0.758

CHINA LIES in the list of country of high human development category . Its positioning it at 85 out of 189 countries and territories. The rank is shared with Ecuador. Between 1990 and 2018, China's HDI value increased from 0.501 to 0.758, an increase of 51.1 percent

BELGIUM

Belgium’s HDI value for 2018 is 0.919

Belgium LIES in the list of country of high human development category

ITS positioning it at 17 out of 189 countries and territories

Between 1990 and 2018, Belgium’s HDI value increased from 0.806 to 0.919, an increase of 13.9 percent. Between 1990 and 2018, Belgium’s life expectancy at birth increased by 5.6 years, mean years of schooling increased by 2.4 years and expected years of schooling increased by 5.6 years. Belgium’s GNI per capita increased by about 42.4 percent between 1990 and 2018

THus Standard of living in BELGIUM is much more than higher than CHINA

Rahul Sunny answered 2 months ago

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