If We Compare the U

question 147

Multiple Choice

If we compare the U.S. GDP and the Chinese GDP,

• A) real U.S. GDP per person was much larger than Chinaʹs real GDP per person when purchasing power parity prices are used but is less than Chinaʹs real GDP per person when exchange rate prices are used.
• B) U.S. real GDP per person is less than Chinaʹs real GDP per person once we adjust for currency differences.
• C) Chinaʹs real GDP per person is less than real GDP per person in the United States.
• D) real GDP per person is about the same in the two countries.

---

Definitions:

Karl Marx

A 19th-century philosopher, economist, and political theorist known for his critical theories about capitalism and his advocacy for socialism and communism.

Protestant Ethic

A concept that emphasizes hard work, discipline, and frugality as a result of one's faith, particularly within Protestantism, which has been linked to the development of capitalism.

Max Weber

A German sociologist, economist, and political scientist known for his theories on bureaucracy, social stratification, and the sociology of religion, contributing significantly to the development of social science.

Development Of Capitalism

The historical and socio-economic process by which capitalist economic systems emerged and evolved, characterized by private ownership of the means of production and market-based economies.