What is the difference between industrially advanced countries (IACs) and less-developed countries (LDCs)? List fi ve IACs and fi ve LDCs.
Explain why GDP per capital comparisons among nations are not a perfect measure of differences in economic well-being. Assume you are given the following data for country Alpha and country Beta:
a. Based on the GDP per capita data given above, in which country would you prefer to live? b. Now assume you are given the following additional quality-of-life data. In which country would you prefer to reside?