APFIVE GDP Per Capita and Economic Welfare
If one country has a nominal GDP of $2 trillion and a population of 50 million, while another has a nominal GDP of $1 trillion with a population of 20 million, how can their per capita GDPs be compared, and what does this imply for economic welfare?
A
The second country has higher per capita GDP, but welfare may still differ
B
Per capita GDP is equal, but welfare may still differ
C
The first country has higher economic welfare
D
GDP is an insufficient measure to compare welfare
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