If the share of population employed in two countries is the same, average living standards will be higher in the country with:
A. lower average labor productivity.
B. higher average labor productivity.
C. the smaller population.
D. the larger population.
Answer: B
Economics
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In the postwar period, the share of GDP of which of the following has increased the most?
a. State companies b. Agriculture c. Industry d. State regulated utilities e. Government spending
Economics
A bumper crop of apples can lead to sharply lower market prices and a decline in earned farm income primarily because
A. The income elasticity of demand for apples is negative. B. Foreign exports of apples to the United States should increase. C. The demand curve faced by individual apple farmers is price-inelastic. D. The demand for apples is price-inelastic.
Economics