10.2. What are the three major topics in macroeconomics?
According to the table, Australia has the twelfth-highest GDP among the countries with the largest economies in the world. Does this mean Australia also has the twelfth-best standard of living? Fill in the blanks to complete the passage.
A table ranks economies by G D P in 2013. The United States has a G D P of 16800 billion dollars, and a per capita G D P of 53143 dollars. China has a G D P of 9240 billion dollars, and a per capita G D P of 6807 dollars. Japan has a G D P of 4902 billion dollars, and a per capita G D P of 38492 dollars. Germany has a G D P of 3635 billion dollars, and a per capita G D P of 45085 dollars. France has a G D P of 2735 billion dollars, and a per capita G D P of 41421 dollars. The United Kingdoms has a G D P of 2552 billion dollars, and a per capita G D P of 39351 dollars. Brazil has a G D P 2245 billion dollars, and a per capita G D P of 11208 dollars. The Russian Federation has a G D P of 2097 billion dollars, and a per capita G D P of 14612 dollars. Italy has a G D P of 2071 billion dollars, and a per capita G D P of 34619 dollars. India has a G D P of 1877 billion dollars, and a per capita G D P of 1499 dollars. Canada has a G D P of 1825 billion dollars, and a per capita G D P of 50910 dollars. Australia has a G D P of 1561 billion dollars, and a per capita G D P of 67468 dollars. Spain has a G D P of 1358 billion dollars, and a per capita G D P of 29118 dollars. South Korea has a G D P 1305 billion dollars, and a per capita G D P of 25977 dollars. Mexico has a G D P of 1261 billion dollars, and a per capita G D P of 10307 dollars.

Australia’s GDP does not indicate that Australians have the twelfth-best standard of living. A nation’s per capita GDP is a better standard-of-living indicator, because it measures average income. Using this measure, it looks like Australia has a better standard of living than all other nations in the table.