GDP (Emphasis on Norway)
Norway is considered a country with ______ GDP and _____ standard of living
high, high
Ghana is considered a country with _____ GDP and _____ standard of living
Low, low
Nigeria's high standard of living is in comparison to what?
Ghana's GDP to standard of living
What is the definition of GDP
the value of the output of all final goods and services produced within a country in a given year
What are some things that you think contribute to Norway's high GDP?
Varies.
Their oil and gas reserves.
What are some things you think contribute to Ghana's overall low GDP?
varies.
relies on imports, doesn't have many exports
What are some things that help a country like Nigeria reach a higher standard of living with the same GDP as Ghana?
Varies - education, welfare programs, advancements, etc.
True/False: GDP is always directly proportional to the standard of living
False - GDP does not necessarily determine standard of living
True/False: Norway has a high standard of living because of its high GDP
False. GDP contributes to the standard of living but is not the sole indicator in the real world.
True/False: Ghana's standard of living is the same as all other countries with the same GDP.
False, GDP does not necessarily indicate standard of living
True/False: Nigeria's GDP is lower than Ghanas
The GDP's are almost equal which is why the higher standard of living is significant.
Give an example of how you have seen the effects of GDP in real life.
Varies
Explain why you think Costa Rica is an overperformance country.
Varies.
strong education, healthcare, welfare
Explain why you think the USA is considered an underperformance country.
Varies
political unrest, so large, conflict between different regions/people
Does Nigeria have a high overall standard of living compared to countries such as Norway and the USA?
No, the standard of living is high for its determined GDP not compared to standard of living from countries with much higher GDP.
How do we measure GDP?
GDP = Consumption Investment + Government + Trade Balance
True/False: Norway's location aids it in its high GDP.
True!
Norway's location aids it in natural resources (oil in the northern ocean) and allows it to export these resources to nearby countries in Europe and across the world.
How do you think Ghana can improve its overall standard of living and/or GDP?
Varies.
Give an example of how you think Nigeria's GDP can increase and 'catch up' with its standard of living.
Varies. more exports, trade restrictions (tariffs), unadvanced infrastructure, etc
Explain an example of how GDP and Standard of living have effected one another in a present-day situation.
varies.