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?

Expert Solution

GDP per capita for Japan is higher than China. This means that quality of life is better in Japan as compared to China.Gross domestic product per capita is sometimes used to describe the standard of living of a population, with a higher GDP meaning a higher standard of living.

Economists measure standard of living using real output per person or what they call real GDP per capita. Real GDP per capita is the value of national output divided by the population. The formula for real GDP per capita is simply: real GDP / population.

Material things are a key element of economic well-being. A country that's able to produce more stuff with fewer resources is usually able to obtain other important things like food, shelter, clean water and freedom. In addition, people who live in countries with higher real GDP per capita tend to be more educated and live longer.

On the other hand Gross domestic product (GDP) is a strong indicator of a country’s economic performance and strength. It is measured by the added value of all final goods and services produced in a country during a specific time period or by adding every person’s income during that time period.

Rahul Sunny answered 1 year ago

the impact of coronavirus on gdp and gdp per capita in china

Some countries in the world have a higher levels of GDP per capita than others. With...

Some countries in the world have a higher levels of GDP per capita than others. With this knowledge, discuss the factors that are responsible for causing economic growth.

On an average, real GDP per capita has grown at a much slower rate in USA than in Japan after the second world war.

On an average, real GDP per capita has grown at a much slower rate in USA than in Japan after the second world war. This is because of much lower levels of GDP per capita in USA than in Japan around the second world war time.

the GDP per capita of a country is lower than that of france. if the GDP...

the GDP per capita of a country is lower than that of france. if the GDP per capita of the country is adjusted for PPP, the country's revised GDP is higher than that of france. which of the following is most likely true about the country? a. cost of living in the country is higher than that of france b. the cost of living in the country is approximately equal to that of france c. the cost of living in...

The 1990s were characterized as the “lost decade” for Japan. Growth in per-capita GDP was very...

The 1990s were characterized as the “lost decade” for Japan. Growth in per-capita GDP was very low as the economy stagnated. The IS-LM model played a key role in the economist’s debates. This question is about trying to understand which policy the government should use to try to pull Japan out of a recession. 1. Interest rates were extremely low in Japan at this time. When interest rates get close to zero, the demand for money is extremely high (say...

1. China has had real GDP per capita growth rates as high as 8% for much...

1. China has had real GDP per capita growth rates as high as 8% for much of the past 30 years, while Canada’s growth rates are much lower. Is 8% a realistic growth target for Canada? In a few sentences, explain why or why not, using concepts discussed in class.

Anybody can find the accurate data about China economy? GDP per Capita (constant US$) and GDP...

Anybody can find the accurate data about China economy? GDP per Capita (constant US$) and GDP growth rate State whether the countries are developed, developing or underdeveloped. Include the reasons for your decision. To do this you should research the economic background of your country (CIA factbook is a good site to use) and look at your GDP per capita. A good starting point is to show your country’s data on the one graph. Show the growth rate of...

Why is the GDP per capita predicted by the Solow model for several developing countries higher...

Why is the GDP per capita predicted by the Solow model for several developing countries higher than the actual GDP per capita that we observe from the data?

China has maintained a per capita income growth rate of over 7 percent for more than...

China has maintained a per capita income growth rate of over 7 percent for more than three decades. Explain why this is considered to be very important.

2) China’s real per capita GDP has been growing significantly faster than that in the U.S....

2) China’s real per capita GDP has been growing significantly faster than that in the U.S. – China’s growth rate was about 10% several years ago, compared to about 3% for the U.S. a) Using the Solow growth model (with no technological progress), is there reason to believe this disparity in growth rates will disappear in time? What about the disparity in income levels per person? b) How is your conclusion affected if you were told that China has a...

Question