Explain What GNI-PPP Is and How It Is Used

question 94

Essay

Explain what GNI-PPP is and how it is used.What other measures could be used to measure global economic inequality?

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Definitions:

Hourly Pay

The rate of compensation an individual receives for one hour of work.

U.S. Dollar Terms

Financial transactions or valuations denoted in the currency of the United States, the US dollar (USD).

Long-Run Real Wages

The earned wage adjusted for inflation over a period in which all inputs, including labor, can be fully adjusted in the market.

Demand for Labor

The total amount of workers that employers are willing and able to hire at a given wage rate in a specific labor market.