MRU 6.3 Real GDP Per Capita and the Standard of Living

Professor Tabarrok suggest that "abject poverty" can be considered income that is less than about:

$2 per day

Nigeria, Pakistan, and Honduras are presented in the video as examples of:

Countries with similar GDP per capita but vastly different distributions of income

Growth in average income in a country usually indicates:

Growth in everyone's income, including the very poor

Countries that have a ___ also tend to have a ___ life expectancy

Higher real GDP per capita; longer

On average, people who live in countries with ___ tend to be happier

Higher real GPD per capita

Real GDP per capita ____ many of the non-material things that matter to people

Is correlated with

Real GDP per capita :

Is the best single measure of the standard of living within a country, despite being an imperfect measure

Real GDP per capita is a measure that can be used to compare :

Standards of living of different countries or standards of living over time for the same country

One problem with real GPD per capita is that it fails to recognize :

The distribution of income

The reason that non-material factors of well-being tend to be correlated with real GDP per capita is that:

When we have more material goods, we can usually afford more of the other things that improve well-being