GNI Per Person Figures Consider Differences in the Cost of Living

question 6

True/False

GNI per person figures consider differences in the cost of living and allow for a more direct comparison of living standards in different countries.

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Definitions:

Consumption Bundle

A combination of goods and services that a consumer chooses to consume.

Subsidy

Financial support given by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.

Housing

Refers to the construction and assignment of houses or buildings for the purpose of providing shelters or places to live.

Income

The money received by an individual or business in exchange for labor, services, or investments over a given period.