Introductory Economics Class Explanation
Please write a brief explanation to the following question. Make sure that you organize your thoughts and ideas in cohesive paragraphs. Be as thorough as possible in your explanation. MINIMUM LENGTH: 3 PARAGRAPHS
When comparing the values of GDP per person in the Netherlands ($51,000) and the United States ($57,000) in his introductory economics class, a Dutch student exclaimed that this was not necessarily indicative of a higher standard of living in the United States that in the Netherlands. Is he right? Why? Why not?