Question

The United Nations Human Development Report gives the following data for real GDP per person in​ 2014: China,​ $12,547; Russia,​ $22,352; Canada,​ $42,155; United​ States, $52,947.
Other information suggests that household production is similar in Canada and the United States and smaller than in China and Russia. The underground economy is larger in Russia and China and a similar proportion of each of these economies. Canadians and Americans enjoy more leisure hours than do the Chinese and Russians. Canada and the United States spend significantly more on the environment than do China and Russia. In which pair​ (or pairs) of countries is it easiest to compare the standard of​ living?
And in which pair​ (or pairs) is it most​ difficult? Explain why?

Answer 1

Answer:

B. between China and Russia or between Canada and the United​ States, because household​ production, the underground​ economy, leisure​ hours, and the environment are similar in each pair

Explanation:

The standard of living can be easily compared​ ______.     A. between China and Canada because they have a similar land size   B. between China and Russia or between Canada and the United​ States, because household​ production, the underground​ economy, leisure​ hours, and the environment are similar in each pair   C. among none of the four countries because they are too different   D. between Russia and the United States because they are both super powers   E. among all four countries because real GDP per person includes a reliable measure of​ income, household​ production, the underground​ economy, leisure​ hours, and the environment

Real Per capita GDP measures the standard of living of the people in a country. The higher the Real Per capita GDP, the higher the standard of living

Real Per capita GDP = Real GDP / population  

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.

some items are not perfectly measured by GDP. They include

1. services not rendered to oneself

2. Activities not reported to the government  

3. illegal activities

4. sale or purchase of used products

5. sale or purchase of intermediate products

Because GDP does not measure underground economy (illegal activities) , leisure , it would be difficult to compare either pair of countries