Asked by Mariah Trevino on Apr 28, 2024
Verified
Real GDP per person in rich countries, such as Germany, is sometimes more than 10 times that of poor countries like India.
Real GDP Per Person
Real GDP Per Person is a measure of the economic output of a country divided by its population, adjusted for inflation; it’s often used as an indicator of the average standard of living.
Rich Countries
Nations with high levels of income per capita, often characterized by strong economies, advanced infrastructure, and a high standard of living.
- Comprehend the correlation between individual real GDP, living standards, and economic advancement.
Verified Answer
BG
Bianca GomezApr 30, 2024
Final Answer :
True
Explanation :
Real GDP per person, which adjusts for price level differences across countries and is a measure of the average economic output per person, is significantly higher in rich countries like Germany compared to poorer countries like India. This reflects differences in economic development, productivity, and standards of living.
Learning Objectives
- Comprehend the correlation between individual real GDP, living standards, and economic advancement.