Question

Country in Oceania GDP per capita in US$ World Rank Australia $38,500 22 New Zealand $27,000 51 Fiji $3,800 158 Micronesia $2,200 183 If Gross Domestic Product (GDP) per capita is used as an indicator of the standard of living, which comparison can be made using the information given? A) Australia has a lower standard of living than Fiji. B) Fiji has a lower standard of living than New Zealand. C) New Zealand has a lower standard of living than Fiji. D) Australia has the highest standard of living in Asia and Oceania.

Answer 1

Answer:

The correct answer is B)

Fiji has a lower standard of living than New Zealand

Explanation:    

GDP Per Capita refers to a metric for measuring the standard of living or the economic performance of a country by diving its GDP by the number of people living in that country.

That is if the GDP of America is $1 Million and its population is 250,000, then the GDP per Capital is $4.

GDP (Gross Domestic Product) is also another metric for measuring the economic performance of a country. It is the total worth of all goods and services produced in a country within a particular time.

Since the GDP/Capital for New Zealand is $27,000 while that of Fiji is $3,800, the economic well being of New Zealanders, therefore, is greater than that of Fijians.

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