Assume that the per capita income in Germany in 2017, converted into US dollars, was $44,270 while the per capita income in Japan, converted into U.S. dollars, was $44,900. Does this mean that the average Japanese citizen enjoys a higher standard of living than the average German? Why or why not?

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The Answer of Assume that the per capita income in Germany in 2017, converted into US dollars, was $44,270 while the per capita income in Japan, converted into U.S. dollars, was $44,900. Does this mean that the average Japanese citizen enjoys a higher standard of living than the average German? Why or why not?

Assume That the Per Capita Income in Germany in 2017