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.

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 7 months ago

The standard of living in Argentina is higher than the standard of living in Luxembourg purely...

The standard of living in Argentina is higher than the standard of living in Luxembourg purely because the size of Argentina’s real GDP in 2018 (using 2010 constant prices) was USD446,880.91 million as opposed to Luxembourg’s USD67,301.21 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.

5. China has a higher GDP than Japan. However, Japan has a higher GDP/Capita than China....

5. China has a higher GDP than Japan. However, Japan has a higher GDP/Capita than China. Which of the two indicators represent a higher quality of life? Why?

5. True or False? Higher productivity is necessary for a higher standard of living. Explain. 6....

5. True or False? Higher productivity is necessary for a higher standard of living. Explain. 6. Define opportunity cost. What is the opportunity cost to you of attending college? What was your opportunity cost of coming to class today? Explain. 7. True or False? Economics and Engineering both involve the study of efficiency. Explain. 8. True or False? Research and development costs are relevant to both Economic and Engineering decisions. Explain. 9. A manufacturing firm's specialty circuit board division has...

Do domestic residents experience a higher or lower standard of living if an economy experienced a...

Do domestic residents experience a higher or lower standard of living if an economy experienced a national deficit as opposed to a national surplus? please explain. which countries does the United States not engage in trade with and why? Does trade mark all countries and domestic consumers better-off? Please explain

why is having more capital not lead to a sustained higher standard of living? draw an...

why is having more capital not lead to a sustained higher standard of living? draw an appropriate diagram

1a. How can the advancement of technology create a higher standard of living and economic growth,...

1a. How can the advancement of technology create a higher standard of living and economic growth, but simultaneously have an upward influence on the unemployment rate? What are two reasons why changes in technology can unintentionally create a negative cycle for people trying to find employment? Is this type of unemployment a concern to society? Is all unemployment a concern to society? Explain. 1.b How can Net job creation (newly created jobs minus the total number of lost jobs) sometimes...

Why do you think that the standard of living in developed countries is much higher compared...

Why do you think that the standard of living in developed countries is much higher compared to less developed countries?

There is some indication that COVID patients may need dialysis at a higher rate than standard...

There is some indication that COVID patients may need dialysis at a higher rate than standard ICU patients. Research and explain dialysis. Also, why would it be used in the ICU?

Belgium is relatively well-endowed with skilled workers compared to China, which is relatively well-endowed with unskilled...

Belgium is relatively well-endowed with skilled workers compared to China, which is relatively well-endowed with unskilled workers. Assume that the production of pharmaceutical products intensively uses skilled workers while toys intensively use unskilled workers. a. Which country would you expect to have a higher relative wage in skilled labor with no trade? b. Which country has the higher relative price of pharmaceutical products prior to trading? Under free trade, which country experiences an increase in the relative wage of skilled...

(b) (i) Describe standard of living and one dimension of standard of living. (2 marks) (ii)...

(b) (i) Describe standard of living and one dimension of standard of living. (ii) Describe productivity. (iii) Explain how productivity related to the country’s standard of living. (iv) Identify the factors that determine labour productivity.

Question