Assume that the GDP of the United States is twice as large as the GDP of China.

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Assume that the GDP of the United States is twice as large as the GDP of China. Can you conclude, based on this information that the average individual in the United States is two times as well off as the average individual in China? Why or why not?

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Macroeconomics

ISBN: 978-0138014919

12th edition

Authors: Robert J Gordon

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Question Posted: Dec 09, 2015 03:05 AM

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Assume that the GDP of the United States is twice as large as the GDP of China.

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There are at least two reasons why you cannot compare the wellbeing of the average individual in the ...View the full answer

Macroeconomics

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