Last year country A had a nominal GDP of €600 billion, a GDP deflator of 150 and a population of 40 million. Country B had a nominal GDP of €720 billion, a GDP deflator of 120 and a population of 50 million. From these numbers which country is likely to have had the higher standard of living?

Question

Last year country A had a nominal GDP of  €600 billion, a GDP deflator of 150 and a population of 40 million.   Country B had a nominal GDP of €720 billion, a GDP deflator of 120 and a population of 50 million.   From these numbers which country is likely to have had the higher standard of living?

Answer

Country A because it had the higher nominal GDP per person.

Answer

Country B because it had the higher nominal GDP per person.

Answer

Country B because it had the higher real GDP per person.

Answer

Country A because it had the higher real GDP per person.

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Last year country A had a nominal GDP of €600 billion, a GDP deflator of 150 an...

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