Real GDP Per Person

question 66

Multiple Choice

Real GDP per person

• A) minus real GDP per person from the previous period equals the growth rate of real GDP per person.
• B) provides more meaningful comparisons across time and countries than real GDP.
• C) provides a less useful measure of the standard of living than nominal GDP per person.
• D) All of the above are correct.

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Definitions:

Foreign Exchange Rate

The price at which one currency can be exchanged for another currency in the foreign exchange market.

World Market

The global marketplace where goods, services, and financial products are bought and sold across borders.

Trade Balance

The difference between a country's exports and imports of goods and services over a certain period.

Merchandise Exports

Goods produced in one country and sold to buyers in another country, contributing to international trade.