In comparing the United States and China we find that
A) real GDP per person is approximately the same in the two countries.
B) U.S.real GDP per person is much larger than China's real GDP per person when purchasing power parity prices are used but is less than China's real GDP per person when China's prices are converted using the market exchange rate.
C) the standard of living is higher in China than in the United States.
D) China's real GDP per person is less than real GDP per person in the United States.
E) U.S.real GDP per person is less than China's real GDP per person once we adjust for currency differences.
Correct Answer:
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