Country A has a higher GDP than country B.What does this mean?
A) It means that on a per-capita basis the residents of country A are relatively better off (in terms of the goods and services they have available to them)than the residents of country B.
B) It means that on a per-capita basis the residents of country A are richer than the residents of country B.
C) It means that more goods and services were produced in country A than country B.
D) It means that the total market value of the final goods and services produced in country A is greater than the total market value of the final goods and services produced in country B.
E) a and d

Question

Quizplus · Accepted Answer

GDP measures the total market value of all final goods and services produced in a country. A higher GDP indicates that country A produced more value in goods and services than country B, not necessarily that its residents are better off on a per-capita basis.

Country a Has a Higher GDP Than Country B