To Most Equitably Compare the Relative Levels of Economic Development

question 117

Multiple Choice

To most equitably compare the relative levels of economic development of different countries,and to adjust for their different currencies,it is best to use

• A) Gross Domestic Product.
• B) Gross Domestic Product per capita.
• C) Gross National Income per capita.
• D) Purchasing Power Parity.
• E) Doubling Time.

---

Definitions:

Marginal Revenue Curve

A graphical representation showing the change in total revenue from selling one additional unit of a product or service.

Average Total Cost Curve

A graphical representation that shows the average total cost of producing different quantities of output, typically U-shaped due to economies and diseconomies of scale.

Production Method

A production method is a process or technique used to create goods or services, often varying based on the type of product, industry standards, and efficiency.

Total Product Curve

A graphical representation showing the total quantity of output produced by a firm in relation to varying levels of a single input, holding all other inputs constant.