Suppose GDP is equal to $440 billion in two countries and that Country A has 100 million people and Country B has 175. In this situation, per capital GDP is
A) the same in both countries.
B) higher in Country A.
C) higher in Country B.
D) an irrelevant factor.
102) A valid criticism of the decision not to include non-remunerated housework in GDP calculations is
A) it would decrease the employment rate for domestic work.
B) the difficulty in measuring quality and quantity.
C) it is not a product or service.
D) it will understate the value of production in the economy.
103) Which of the following is a main limitation of GDP?
A) GDP figures are grossly inaccurate due to sampling errors
B) The real definition of what is and is not included in GDP is unclear
C) GDP is not a good measure of a nation's overall welfare
D) GDP includes some products which by their very nature are bad products, such military weapons
104) Comparing two countries GDP over time is likely to be misleading if one wants to determine whether standards of living are better in one country because
A) the figures need to be adjusted for different types of currency.
B) the figures need to be adjusted for price changes and population differences.
C) the figures need to be adjusted to account for production differences.
D) NDP instead of GDP should be used.
105) The problem with using foreign exchange rates to convert one country's GDP into dollars is that
A) the values of currencies are not comparable.
B) exchange rates do not reflect differences in inflation rates.
C) not all goods and services are sold on world markets.
D) the dollar has been losing value over the last twenty years.
106) Purchasing power parity refers to
A) adjustments in GDP figures to put everything into one common currency for comparison sake.
B) adjustments in exchange rate conversions that take into account differences in inflation rates across countries.
C) adjustments in exchange rate conversions that take into account the differences in true cost of living across countries.
D) calculating real, per capita GDPs in dollars.
107) The most accurate way to compare standards of living throughout the world is to look at
A) total GDP.
C) purchasing power parity.
D) foreign exchange rates.
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