Comparing national output across nations Go back to the Week 7 Module and look at the three weblinks near the bottom (GDP, PPP GDP and PPP GDP per capita). Each link will take you to a Wikipedia page that offers three different measures for looking at national output. To be consistent let's use World Bank estimates from 2022 (the middle column on each chart). 1. What is PPP GDP and why do we need to use it to compare across nations? 2. Why is PPP GDP per capita a better measure then PPP GDP alone? 3. Look up the stats for the following countries: Country 2022 2022 GDP 2022 2022 PPP GDP (in 2022 2022 PPP GDP per GDP (In millions) PPP millions) PPP capita rank rank GDP per GDP capita rank United 1 $25,462,700 2 $$25,462,700 9 $76,330 States China Mexico Luxembourg Central3. Look up the stats for the following countries: Country 2022 2022 GDP 2022 2022 PPP GDP (in 2022 2022 PPP GDP per GDP (In millions) PPP millions) PPP capita rank rank GDP per GDP capita rank United 1 $25,462,700 2 $$25,462,700 9 $76,330 States China Mexico Luxembourg Central African Republic 4. Why does Luxembourg rank so high and China so low in PPP GDP per capita? Is everybody in Luxembourg wealthy? 5. Which large country ranks the highest in PPP GDP per capita? 6. Take a closer look at the average income level per person per year, for people living in the Central African Republic? Offer an economic explanation about how they can survive on that