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Latest real gdp statistics available

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Reference no: EM131499150

Anyone expert in economics help me answer the following questions:

1) According to the latest Real GDP statistics available, China is ranked the 2nd largest economy in the world and New Zealand is ranked 54th. Explain clearly whether or not this ranking indicates a much higher standard of living enjoyed by people living in China than those living in New Zealand.

2) Define and explain briefly what each of the following GDP stastitics would measure.

  • Real GDP
  • Real GDP per Capital

Reference no: EM131499150

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