Suppose that in 2011, per-person GDP in Singapore was $53,591, and in Egypt, it

Question

Suppose that in 2011, per-person GDP in Singapore was $53,591, and in Egypt, it was $5,547, as measured in 2005 purchasing power parity U.S. dollars.It is accurate to say that the income level in Singapore is than in Egypt. Why is this comparison accurate? O Egypt is characterized by a higher share of industrial production in total output than Singapore is. O Singapore is characterized by a larger share of household production in total output than Egypt is. O Egypt is characterized by a larger share of household production in total output than Singapore is. O There are significant differences in incomes between high- and low-income countries.

Explanation / Answer

There are significant differences in incomes between high and low income countries.

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