Which would be the most valid statement? ( LO6, 7)

a) The American standard of living is, by far, the highest in the world.

b) The standard of living of the average American is about twice that of the average Russian.

c) The standard of living of the average American is comparable to that of the average person in Switzerland, Germany, and Japan.

d) If the underground economy, illegal production, and household production were accurately measured and added to GDP, our GDP would probably rise by less than 1 percent.