Today, the vast differences in the living standard between rich and poor countries are mainly the result of:
A)small differences in per capita GDP levels around the world.
B)rich countries experiencing modern economic growth while poor countries do not.
C)small differences in nominal GDP levels around the world.
D)large differences in population levels around the world.

Question

Quizplus · Accepted Answer

The main reason for the vast differences in living standards between rich and poor countries is due to the fact that rich countries have experienced modern economic growth while poor countries have not. This has led to differences in productivity, technology, education, and infrastructure, which all contribute to differences in GDP per capita. Nominal GDP levels may not accurately reflect the true economic growth and development of a country. Population levels also do not fully explain differences in living standards as some densely populated countries have high levels of development and vice versa.

Today, the Vast Differences in the Living Standard Between Rich