24749671
Description
Flashcards by Sophia Lynch, updated more than 1 year ago
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Created by Sophia Lynch
over 3 years ago
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| Question | Answer |
| What does PPP (Purchasing Power Parity) consider that GDP doesn't? | As prices of locally produced goods are lower than international prices in poor countries, GDP is often understated in poorer countries. |
| Is GDP a cardinal or an ordinal measure? | It is CARDINAL so it makes comparisons across countries or through time. If you were to measure people's height - cardinal would be both in order and by the difference between each person. |
| Real GDP is not the same as... | Economic wellbeing however it is related to economic wellbeing. |
| What is the 'rule of 70?' | If a variable grows at x percent per year, then that variable will double in approximately... |
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