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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Discuss the problems you see in comparing the GDPs of two countries, say, the United States and the People’s Republic of China.

To determine

Explain the problem of comparing the two countries’ GDP.

Explanation

When comparing two countries’ GDP, the problems that arise are given below:

Gross domestic product (GDP) does not report for population differences. To compare the two countries, better measure will be to use per capita GDP.

If prices are higher in one country than another country for the same goods, then the higher price countries has higher GDP, even if both countries produce the same amount of goods and services...

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