Critically Evaluate the Following Statement

question 37

Essay

Critically evaluate the following statement. "GDP is a proxy for the standard of living but not a direct measure."

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Definitions:

Upper Class Limits

The maximum value within a class interval in a frequency distribution, where classes are used to group data.

Class Width

In statistics, the difference between the upper and lower boundaries of a class interval in a frequency distribution.

Categorical Data

Data that represent categories - qualitative data that can be divided into group or categories.

Quantitative

Referring to data or information that can be measured and expressed numerically.