Question

12.The useful means of comparing economic well-being among countries is..............  .

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Answer 1

Answer:

Explanation:Two types of exchange rates can be used to compare GDPs: market exchange rates and purchasing power parity, or PPP, equivalent exchange rates. Market exchange rates vary on a day-to-day basis depending on supply and demand in foreign exchange markets.

Answer 2

The useful means of comparing economic well-being among countries is the Gross Domestic Product( GDP).

• GDP is one of the best indicators of economic growth. GDP per capita is also associated with it.

• GDP is the monetary value of all the goods and services produced in a country during a certain period of time.

• It helps the central bank, as well as the policymakers, understand the state of the economy, whether it is expanding or contracting, or if there is inflation or recession.