Statistics for Economics

Test your knowledge of how statistics are used in economics!

Which of the following statements about economic development is most accurate?

a) Developed countries have high levels of poverty and inequality. (Incorrect) b)

b) Developing countries have strong institutions and a diversified economy. (Incorrect)
c) c) Developed countries have a high standard of living and a strong infrastructure.
(Correct)
d) d) Developing countries have a large GDP per capita. (Incorrect)

Which of the following is the best measure of a country's overall economic well-being?

a) Unemployment rate (While important, it doesn't capture the whole picture)

b) Inflation rate (Similar to unemployment, it's one piece of the puzzle)

c) Gross Domestic Product (GDP) (This is a widely used metric, but it doesn't account for
income distribution)

d) Human Development Index (HDI) (This considers factors like life expectancy, education, and
income, offering a broader picture)