_____ per person figures can be misleading because they don't consider differences in the cost of living.
A. Gross domestic product (GDP)
B. Gross national income (GNI)
C. Purchasing power parity (PPP)
D. Human Development Index (HDI)
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The _____ adjustment allows for a more direct comparison of living standards in different countries.
A. gross domestic product
B. value added
C. gross national income (GNI)
D. purchasing power parity (PPP)
GNI and PPP data are useful because they provide a _____ of economic development.
A. dynamic analysis
B. cross-sectional view
C. static analysis
D. global view
In a _____, the state owns all means of production.
A. mixed economy
B. planned economy
C. market economy
D. totalitarian state
The economic freedom associated with a _____ creates greater incentives for innovation and entrepreneurship than either a planned or a mixed economy.
A. mixed economy
B. planned economy
C. market economy
D. command economy