explain it correctly not copy paste a. Explain in what way GDP is a measure of the standard of living in a country.b. If GDP is a measure of the standard of living in a country and China's GDP is second highest inthe world, does that mean that China has the second highest standard of living in the world?Edit View Insert Format Tools Table

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a. Explain in what way GDP is a measure of the standard of living in a country.

Principles of Economics 2e

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ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

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Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 31P: Ethiopia has a GDP of 8 billion (measured in U.S. dollars) and a population of 55 million. Costa...

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explain it correctly not copy paste

a. Explain in what way GDP is a measure of the standard of living in a country.
b. If GDP is a measure of the standard of living in a country and China's GDP is second highest in
the world, does that mean that China has the second highest standard of living in the world?
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