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How do economists measure a nation's standard of living?
Economists measure a nation's standard of living: by calculating GDP per person by calculating per capita income (the best indicator) by calculating average personal income.
What is the most important reason why two country's with the same GDP can have vastly different standards of living?
As with individuals, nations have different amounts of wealth, and even if the wealth is fairly distributed, there will and is considerable differences in the standards of living among the several hundred nations in the world. As mentioned, regarding fairness of distribution, the standards of living can be different based on non subjective reasons. A nation that is rich in natural resources and can export these as well as use them internally to their best advantage will help lift the standard of living. A nation with a sound economic system will also help its standard of living. Another factor is the education level of a nations citizens. Generally the higher the level the higher the standard of living. A politically stable nation is best for a sound economy. Nations in the midst of civil strife and civil wars hurts its economy and helps lower its standard of living.
Which kind of economic system is best for raising a country's standard of living?
it would be
What is the best measurement for comparing the standard of living between two countries?
The best measurement for comparing the standard of living between two countries is the GDP in conjunction with the economic growth. GDP stands for Gross Domestic product.
What is the best measure of measuring the standard of living?
Life involves many things, and a standard of living cannot be measured by one measurement. The most essential elements of a standard of living would be the quality of food, housing, education, and medical care. If I wanted to take a quick snap-shot of a standard of living, I would start with housing. Even that is not just one thing, however. It involves several important elements. You would want to assess the amount of space per person, the security or durability of the housing structure, the availability and reliability of both plumbing and electricity, as well as the comfort, appearance, and convenience of the housing in many other respects.
How do economists measure a nation's standard of living?
Economists measure a nation's standard of living: by calculating GDP per person by calculating per capita income (the best indicator) by calculating average personal income.
Do economists measure a nation's standard of living?
Economists measure a nation's standard of living: by calculating GDP per person by calculating per capita income (the best indicator) by calculating average personal income.
Why is the standard of the living different in different countries?
As with individuals, nations have different amounts of wealth, and even if the wealth is fairly distributed, there will and is considerable differences in the standards of living among the several hundred nations in the world. As mentioned, regarding fairness of distribution, the standards of living can be different based on non subjective reasons. A nation that is rich in Natural Resources and can export these as well as use them internally to their best advantage will help lift the standard of living. A nation with a sound economic system will also help its standard of living. Another factor is the education level of a nations citizens. Generally the higher the level the higher the standard of living. A politically stable nation is best for a sound economy. Nations in the midst of civil strife and civil wars hurts its economy and helps lower its standard of living.
What is the most important reason why two country's with the same GDP can have vastly different standards of living?
As with individuals, nations have different amounts of wealth, and even if the wealth is fairly distributed, there will and is considerable differences in the standards of living among the several hundred nations in the world. As mentioned, regarding fairness of distribution, the standards of living can be different based on non subjective reasons. A nation that is rich in natural resources and can export these as well as use them internally to their best advantage will help lift the standard of living. A nation with a sound economic system will also help its standard of living. Another factor is the education level of a nations citizens. Generally the higher the level the higher the standard of living. A politically stable nation is best for a sound economy. Nations in the midst of civil strife and civil wars hurts its economy and helps lower its standard of living.
Is Sweden's standard of living low?
No. Juding from the United Nations Development Programme's IHDI score, Sweden is third best developed country in the world.
Why standard deviation is best measure of dispersion?
standard deviation is best measure of dispersion because all the data distributions are nearer to the normal distribution.
What is the best standard unit to measure a persons height?
feet and inches
What is best measure of risk for an asset held in isolation and which is the best measure for an asset held in a diversified portfolio?
Standard deviation; correlation coefficient
What is the standard of living in Ethiopia?
Generally poor, subsistence level at best.
Which kind of economic system is best for raising a country's standard of living?
it would be
What is the best measurement for comparing the standard of living between two countries?
The best measurement for comparing the standard of living between two countries is the GDP in conjunction with the economic growth. GDP stands for Gross Domestic product.
What is the best unit of measure to measure your bookshelf?
The best unit of measure to measure a bookshelf would be inches or centimeters, depending on the standard unit of measurement you prefer. These units provide a precise representation of the bookshelf's dimensions.
