Which of the following statements is most true when describing Canada's gross domestic product (GDP) ?
(1 point)
Responses
Canada has a low GDP per capita and a high standard of living.
Canada has a low GDP per capita and a high standard of living.
Canada has a high GDP per capita and a high standard of living.
Canada has a high GDP per capita and a high standard of living.
Canada has a low GDP per capita and a low standard of living.
Canada has a low GDP per capita and a low standard of living.
Canada has a high GDP per capita and a low standard of living.
Canada has a high GDP per capita and a low standard of living.
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The most true statement when describing Canada's GDP is: Canada has a high GDP per capita and a high standard of living.
The most true statement when describing Canada's GDP is that Canada has a high GDP per capita and a high standard of living.
To determine which statement is most true when describing Canada's gross domestic product (GDP), we need to understand what GDP per capita and standard of living mean.
Gross Domestic Product (GDP) is the total value of all goods and services produced within a country's borders over a specific time period. It is often used as an indicator of a country's economic health and productivity.
GDP per capita is obtained by dividing a country's GDP by its population. It gives an average value of economic output per person. A high GDP per capita indicates a relatively higher level of economic productivity and income distribution.
Standard of living refers to the level of wealth, material goods, and quality of life enjoyed by individuals in a country. It takes into consideration factors such as income, housing, education, healthcare, and access to basic needs.
Now, let's analyze the given statements:
1. Canada has a low GDP per capita and a high standard of living.
2. Canada has a high GDP per capita and a high standard of living.
3. Canada has a low GDP per capita and a low standard of living.
4. Canada has a high GDP per capita and a low standard of living.
Assuming there is no contradiction between high GDP per capita and high standard of living, the statement that is most true when describing Canada's GDP is:
2. Canada has a high GDP per capita and a high standard of living.
To determine this, we could refer to reliable sources such as the World Bank, International Monetary Fund (IMF), or national statistical agencies like Statistics Canada. These sources provide up-to-date data on GDP per capita and other economic indicators, which can be used to compare living standards across countries and make informed conclusions.