GDP Per Capita and Economic Welfare
Country A has a nominal GDP of $2 trillion and a population of 50 million, while Country B has a nominal GDP of $1 trillion and a population of 20 million. Which of the following statements correctly compares their nominal GDP per capita and its implications for economic welfare?
A
GDP is an insufficient measure to compare welfare
B
The first country has higher economic welfare
C
Per capita GDP is equal, but welfare may still differ
D
The second country has higher per capita GDP, but welfare may still differ
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