The GDP Figures Fail to Count Labor Services and Other

question 78

Multiple Choice

The GDP figures fail to count labor services and other household production. Once this omission is taken into account,

• A) the income differences between the high and low income countries are small.
• B) the differences in living standards between the high and low income countries are small.
• C) the income differences between the high and low income countries are still huge.
• D) the life expectancy in the high and low income countries is approximately the same.

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Schema

A cognitive framework or concept that helps organize and interpret information, allowing individuals to make sense of the world.

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The way in which information and knowledge are organized and stored in the mind.