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This question have two parts. . Scenario 1: Suppose there are two countries that have the same nominal GDP. Do they have the same standard

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This question have two parts.

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. Scenario 1: Suppose there are two countries that have the same nominal GDP. Do they have the same standard of living? Why or why not? Scenario 2: Suppose there are two countries and nominal GDP in one country is twice as large as the other country. Do they have the same standard of living? Why or why not?|

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