137. A good approximation of a country's standard of living is per capita GDP, which is population divided by real GDP. FALSE A good approximation of a country's standard of living is per capita GDP, which is real GDP divided by population. AACSB: Analytic Blooms: Remember Difficulty: 2 Medium Learning Objective: 02-01 The relative size of the U.S. economy. Topic: WHAT AMERICA PRODUCES 138. According to the World Bank, nearly one-third of the people on earth subsist on incomes of less than $2 per day. TRUE Homeless people in the United States enjoy a higher standard of living than billions of poor people in other nations. AACSB: Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 The relative size of the U.S. economy. Topic: WHAT AMERICA PRODUCES 139. In the years from 2000 through 2009, China's standard of living or per capita GDP grew faster than that of the United States. TRUE Regarding the per capita GDP, the numerator (real GDP) grew faster and the denominator (population) grew more slowly for than for the United States. In essence, China had a larger quotient and thereby larger growth in its standard of living. Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 The relative size of the U.S. economy. Topic: WHAT AMERICA PRODUCES
137. A good approximation of a country's standard of living is per capita GDP, which is population divided by real GDP. FALSE A good approximation of a country's standard of living is per capita GDP, which is real GDP divided by population. AACSB: Analytic Blooms: Remember Difficulty: 2 Medium Learning Objective: 02-01 The relative size of the U.S. economy. Topic: WHAT AMERICA PRODUCES 138. According to the World Bank, nearly one-third of the people on earth subsist on incomes of less than $2 per day. TRUE Homeless people in the United States enjoy a higher standard of living than billions of poor people in other nations. AACSB: Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 The relative size of the U.S. economy. Topic: WHAT AMERICA PRODUCES 139. In the years from 2000 through 2009, China's standard of living or per capita GDP grew faster than that of the United States. TRUE Regarding the per capita GDP, the numerator (real GDP) grew faster and the denominator (population) grew more slowly for than for the United States. In essence, China had a larger quotient and thereby larger growth in its standard of living. Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 The relative size of the U.S. economy. Topic: WHAT AMERICA PRODUCES
Test-Bank-for-The-Economy-Today-13th-Edition-by-Schiller.docx