Answer:
do not necessarily provide a good measure of relative living standards.
Explanation:
Gross domestic product (GDP) can be regarded as total monetary/market value of finished goods/ services
that is been produced within a boarder of a country in a specific time period.
Per capita gross domestic product (GDP) can be regarded as metric used in breaking down the economic output per person of a country. This can be calculated by finding the division of the GDP of a country i.e using its population to divide the GDP.
It should be noted that Comparisons of per capita gross domestic product (GDP) between countries do not necessarily provide a good measure of relative living standards.
Real GDP per person last year = $125 billion / 5 million = $25,000 per person
Real GDP per person this year = $132 billion / 5.2 million = $25,385 per person
Real GDP per person growth = [($25,385/$25,000) - 1] * 100%
= 1.5%
Answer:
Ceteris paribus is a Latin phrase that means "all other things being equal." Experts use it to explain the theory behind laws of economics and nature. It means that most of the time, something will occur as a result of something else. That is, of course, if nothing else changes.
Explanation: