gvA Update

Ranking Recessions and Negative Growth. Quite often, people make comparisons of national wealth on the basis of nominal gross domestic product (GDP). However this does not quite reflect differences in the cost of living among countries. Consequently, more economists and analysts now use a purchasing power parity (PPP) GDP approach as it is arguably more useful when comparing generalized differences in living standards between nations because it takes account of relative costs of living and the inflation rates of the countries, rather than using only currency exchange rates, which may distort the real differences in income. Because of this, purchasing power parity GDP per capita, although not a measure of personal income is often used as an indicator of a country's standard of living. In this connection, 1-Which of the following countries is not among the top four wealthiest countries in the world, using purchasing power parity GDP? 1. United States of America, 2. Luxembourg, 3. Singapore, and 4. Qatar. 2-Using GDP per capita at PPP, which of the following countries is not among the top four wealthiest countries in Africa, 1. Equatorial Guinea, 2. Seychelles, 3. South Africa, and 4. Gabon. ANSWERS 1-The United States is the country listed here not among the top richest countries in the world. Qatar, a peninsular Arab country with Doha as its capital, and also known for its futuristic skyscrapers and other ultramodern architecture is the wealthiest country in the world using PPP per capita gdp which stood at $132,870 in 2015. 1-South Africa, although the most sophisticated economy in subsaharan Africa is not among the top 4 wealthiest countries in Africa, using PPP GDP.


Posted: Nov 2nd, 2016 @ 09:51:10 AM