Those Who Are Interested in Assessing the Relative Standard of Living

question 82

Multiple Choice

Those who are interested in assessing the relative standard of living of different countries over a given time period are most likely to look at

• A)GDP.
• B)Percentage change in GDP.
• C)Population.
• D)Per capita GDP.

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Definitions:

Craft Union

Labor union whose members all have a particular skill or occupation.

Bargaining Power

The capacity of one party in a negotiation to influence the terms of an agreement or the balance of power between negotiating parties.

Supply

The total amount of a product or service available for purchase in a market.

Mediation

Conflict resolution procedure in which a mediator hears the views of both sides and facilitates the negotiation process but has no formal authority to dictate a resolution.