In 2017, GDP in Switzerland was $680 billion and GDP in the United States was $19.5 trillion.
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In 2017, GDP in Switzerland was $680 billion and GDP in the United States was $19.5 trillion. Does this indicate that the standard of living in Switzerland must be well below that of the United States? Switzerland has a population of 8 million people, while the United States has a population of 326 million people. How could you better scale the numbers to compare their standards of living?
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Comparing GDP alone between two countries doesnt necessarily reflect the standard of living accurate...View the full answer
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