Question 3 What is the purpose of the PPP adjustment to GDP per capita? a. To ac

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Question 3 What is the purpose of the PPP adjustment to GDP per capita? a. To account for inflation. b. To account for the size of the population. c. To account for differences in the cost of living. d. To account for factors other than income. Question 4 At its peak, China's PPP GDP pc. grew at roughly 10% a year. At the same time, the US PPP GDP pc. grew at roughly 2%. How long does it take average income to double in each country? a. 5 years in China, 25 years in the U.S. c. 10 years in China, 50 years in the U.S. c. 7 years in China, 35 years in the U.S. d. One generation in each country.

Explanation / Answer

3. Option C

Explanation: The PPP adjustment to per capita GDP is done by comparing the price of a basket of goods in different countries. This is done to account for the differences in the cost of living in different countries.

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