In 2020, GDP in Switzerland was $752 billion and GDP in the United States was $21 trillion.

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In 2020, GDP in Switzerland was $752 billion and GDP in the United States was $21 trillion. Does this indicate that the standard of living in Switzerland must be well below that of the United States? Switzerland has a population of 8.6 million people, while the United States has a population of 332 million people. How could you better scale the numbers to compare their standards of living?

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Principles Of Economics

ISBN: 9781319330156,9781319419769

2nd Edition

Authors: Betsey Stevenson, Justin Wolfers

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