Question
How does purchasing power parity (PPP) data compare the cost of living between countries?(1 point)
Responses
by examining the costs of similar goods and services
by examining the costs of similar goods and services
by summing the value of all the goods and services produced in a country
by summing the value of all the goods and services produced in a country
by dividing by the population of a country
by dividing by the population of a country
by combining health, education, and income indicators into a score that ranges from 0 to 1
Responses
by examining the costs of similar goods and services
by examining the costs of similar goods and services
by summing the value of all the goods and services produced in a country
by summing the value of all the goods and services produced in a country
by dividing by the population of a country
by dividing by the population of a country
by combining health, education, and income indicators into a score that ranges from 0 to 1
Answers
GPT-4o mini
Purchasing power parity (PPP) data compares the cost of living between countries **by examining the costs of similar goods and services**. This approach allows for a more accurate comparison of how much money is needed to purchase a similar basket of goods and services in different countries, taking into account the varying price levels.