Assume That Two Countries Have the Same Nominal GDP (Measured

question 22

Essay

Assume that two countries have the same nominal GDP (measured in the same currency using the same accounting rules). Provide at least three reasons why you cannot assume that citizens in each country enjoy approximately the same level of economic well-being.

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Definitions:

Common Law

A legal system based on judicial decisions and precedents rather than statutory laws.

Visible Nuisance

An objectionable or annoying condition that can be seen, affecting the use or enjoyment of property.

Due Diligence

The obligation on the directors of a corporation to ensure that effective systems are in place to comply with legislation, and to monitor the systems to ensure compliance.

Environmental Offence

A violation of laws designed to protect the environment, including pollution and illegal waste disposal.