Most Economists Agree That an Effective Way of Comparing Income

question 15

Multiple Choice

Most economists agree that an effective way of comparing income levels between countries around the world is through the use of:

• A) employment statistics.
• B) GDP divided by GNP.
• C) foreign investment.
• D) purchasing power parity.

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Definitions:

Low-cost Production

Manufacturing or production processes optimized to minimize costs, often through economies of scale or efficient methods.

South Korea

A country in East Asia, known for its advanced technology and economy, bordered by North Korea to the north.

North Korea

A country in East Asia, known for its centralized government and unique political and economic structure.

Five Fundamental Questions

Economic questions addressing what to produce, how to produce, for whom to produce, when to produce, and where to produce, crucial for understanding resource allocation.