This table shows the member countries of the International Monetary Fund with the top 10 per capita GDPs in the world as of 2010:
Country GDP per capita
Qatar $88,222
Luxembourg $81,466
Singapore $56,694
Norway $51,959
Brunei $48,333
United Arab Emirates $47,439
United States $46,860
Switzerland $41,950
Netherlands $40,973
Australia $39,764
Source: International Monetary Fund (IMF) 2010
Using only the chart and GDP per capita to measure standard of living, which statement below is correct?
Brunei enjoys a higher standard of living than the United States.
The United States has a higher standard of living than any other country in the world.
Norway had the highest GDP per capita of any country in the world.
The countries on this list share approximately the same standard of living.
And your answer is?
@Ms. Sue, I think the answer is C.
No! Norway is near the middle of this list.
@Ms. Sue Okay, then A.
A is correct.
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To determine which statement is correct, we need to compare the GDP per capita figures provided in the table.
Looking at the GDP per capita values, we can see that Brunei has a GDP per capita of $48,333, while the United States has a GDP per capita of $46,860. Therefore, the statement "Brunei enjoys a higher standard of living than the United States" is correct.
However, it is important to note that evaluating the standard of living solely based on GDP per capita has limitations. GDP per capita provides a general indication of the average income per person in a country but does not consider factors such as income distribution, cost of living, access to essential services, and quality of life. Therefore, it is not a comprehensive measure of the overall standard of living.
Regarding the other statements, we cannot conclude that the United States has a higher standard of living than any other country in the world based solely on this table, as there may be countries with higher GDP per capita not listed.
Norway does not necessarily have the highest GDP per capita in the world according to this table, as Qatar has the highest GDP per capita at $88,222.
Lastly, based on the varying GDP per capita figures in the table, it is not accurate to say that the countries on this list share approximately the same standard of living. The table clearly shows differences in the GDP per capita values, indicating different standards of living among these countries.
It is important to consider multiple factors and indicators to get a better understanding of the standard of living in a country, as GDP per capita alone does not provide a complete picture.