In 2020, GDP in Switzerland was $752 billion and GDP in the United States was $21 trillion.
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In 2020, GDP in Switzerland was $752 billion and GDP in the United States was $21 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 8.6 million people, while the United States has a population of 332 million people. How could you better scale the numbers to compare their standards of living?
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Comparing absolute Gross Domestic Product GDP figures alone doesnt provide accurate insight into cou...View the full answer
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Muhammad Rehan
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Related Book For 
Principles Of Economics
ISBN: 9781319330156,9781319419769
2nd Edition
Authors: Betsey Stevenson, Justin Wolfers
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