1.Although China and India currently have growth rates much higher than the U.S. growth rate, the typical Chinese or Indian household is far poorer than the typical American household. Explain why.Tackle the Test: Multiple-Choice Questions1.Which of the following is true regarding growth rates for countries around the world compared to the United States?I. Fifty percent of the world’s people live in countries with a lower standard of living than the U.S. in 1908.II. The U.S. growth rate is six times the growth rate in the rest of the world.III. China has only just attained the same standard of living the U.S. had in 1908.a.I onlyb.II onlyc.III onlyd.I and III onlye.I, II and III2.Which of the following is the key statistic used to track economic growth?