The United States has fewer workers than China but has a bigger economy because
A. the United States has more land resources.
B. the United States has a larger labor pool.
C. the United States has on average more productive workers.
D. the United States has a higher growth rate.
Answer: C
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How does a higher level of saving lead to higher GDP in the future?
(A) Because increased savings will divert money that would be spent on imported goods in the current year. (B) Because more capital is available for investment, leading to higher output through capital deepening. (C) Because a higher national savings rate encourages immigration and expands the labor force. (D) Because the government taxes savings accounts to pay for education.
If an event will NOT occur, it has a probability (pr) of
A) 0. B) 0 < pr < 1. C) 1. D) Not enough information to determine.