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a. The 'Asian Middle Class' has grown in recent years. What are the main characteristics of the Asian middle class?
b. What is the relevance of Engel's Law for understanding how and why consumer demands change with the growth of a more affluent middle class in Asia?
c. What is a more useful measure to compare Gross domestic product (GDP) across countries: market exchange rate or exchange rate as per purchasing power parity and why?
Please give the full answer!
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