Question
In: Economics
china has the largest gross domestic product of any country in the world. therefore china is...
china has the largest gross domestic product of any country in the
world. therefore china is the richest country in the world. explain
why this is flawed
Solutions
Expert Solution
The given reason in the statement to
make china, a richest country is flawed, because China has the
highest population in the world and Real GDP per person in China is
nowhere in the top 10 nations with highest real GDP per person.
Hence, on the basis of real GDP per person, or real income per
person, China is not the richest country. Further, highest real GDP
of China, does not explain the quality of life, living standards
and poverty level of the country. Though, a rich country is known
for the highest quality of life and lowest poverty level. Hence, it
is not justified to say that China is the richest country in the
world on the basis of its real GDP only.
Rahul Sunny answered 2 years agoRelated Solutions
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Complete the Gross Domestic Product worksheet. To access the Gross Domestic Product data required in the...
Complete the Gross Domestic Product
worksheet.
To access the Gross Domestic Product data required in the
worksheet from the government website, use the following click
stream:
> Access the website, http://www.bea.gov
> Under the "National" heading, click “Gross Domestic
Product.”
> Under the heading “Gross Domestic Product,” click on
“Interactive Tables: GDP and the National Income and Product
Account (NIPA) Historical Tables.”
> Click on “Begin using the data”
> Select “Section I - Domestic Product and Income”
> Select...
Complete the Gross Domestic Product worksheet. To access the Gross Domestic Product data required in the...
Complete the Gross Domestic Product worksheet. To access the
Gross Domestic Product data required in the worksheet from the
government website, use the following click stream: > Access the
website, http://www.bea.gov > Under the "National" heading,
click “Gross Domestic Product.” > Under the heading “Gross
Domestic Product,” click on “Interactive Tables: GDP and the
National Income and Product Account (NIPA) Historical Tables.” >
Click on “Begin using the data” > Select “Section I - Domestic
Product and Income” > Select...
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in the economy (Mankiw 2017). After viewing the power point
provided I would say that using the GDP method would not give a
good measurement of the national economic well-being. For example,
GDP does not include intermediate goods: this is when an ingredient
or service is used to help make...
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Governments the world over spend a significant proportion of their Gross Domestic Product (GDP) on health....
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1.90 Gross domestic product. Refer to Exercise 1.46, where we examined the gross domestic product of...
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1.46, where we examined the gross domestic product
of 189 countries. GDP
(a) Compute the mean and the standard deviation.
(b) Apply the 68–95–99.7 rule to this distribution.
(c) Compare the results of the rule with the actual
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3. which of the following weeks increase US gross national product(GNP) but not gross domestic product...
3.
which of the following weeks increase US gross national
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a. an increase in Honda's output in North Carolina which is
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b. an increase in Ford output in japan which is exported to be
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c. an increase in toyota output in china which is purchased by
US residnents living in china
d. an increase in toyotas out put in japan which is exported
to the US...
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