Last year country A had a nominal GDP of $600 billion, and real GDP of 400 and a population of 40 million. Country B had a nominal GDP of $720 billion, and real GDP of 600 and a population of 50 million. From these numbers which country is likely to have had the higher standard of living?

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Business

Omar

26 December, 17:01

Last year country A had a nominal GDP of $600 billion, and real GDP of 400 and a population of 40 million. Country B had a nominal GDP of $720 billion, and real GDP of 600 and a population of 50 million. From these numbers which country is likely to have had the higher standard of living?

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Zara Gregory · Answer 1

Country B

Explanation:

Country B had a higher real GDP per person than Country A.

Real GDP per capita. "This is the "average" output of the economy per person measured in a base year prices. This ratio is often used as a measure of standard of living in comparisons over time of one country, or between different countries when measured in the same currency. The measure is expressed in currency units per person (for example, U. S. dollars per person, or British pounds per person) "

Reference: MeasuringWorth. "Real GDP per Capita." Measuring Worth - Glossary - Real GDP per Capita, 2019,