In which of the following countries would you expect material lifestyles to be most like those in the United States ?
Correct answer: B. Japan
- A. Nigeria
- B. Japan
- C. India
- D. Mali
Explanation
Japan is a high-income, industrialised economy with material living standards most comparable to those of the United States. Nigeria, India, and Mali have substantially lower average incomes and consumption levels.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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