in 2017, gdp in switzerland was $680 billion and gdp in the united states was $19.5 trillion. a. does this indicate that the standard of living in switzerland must be well below that of the united states?

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24-10-2022
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in 2017, gdp in switzerland was $680 billion and gdp in the united states was $19.5 trillion. a. does this indicate that the standard of living in switzerland must be well below that of the united states?

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ewomazinoade ewomazinoade · Answer 1 · 2022-11-02T12:14:41-04:00

Even though the GDP of the United States is greater than that of Switzerland, it does not mean that the standard of living in Switzerland is below that of the United States.

What is the measure of standard of living?

GDP is an abbreviation for the gross domestic product. Gross domestic product is the sum of all the final goods and services that are produced in a country in a particular period usually a year.

Standard of living of a country is measured using the GDP per capita. GDP per capita is the ratio of the gross domestic product of a country to its population.

GDP per capita = GDP / population

If the population of the United States is greater than that of its GDP and the population of Switzerland is less than its gross domestic product, the standard of living in Switzerland might be greater than that of the United States.

To learn more about GDP per capita, please check: https://brainly.com/question/28018695

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