Which of the following is a reason why the growth rates of low-income countries can be higher than those of high-income countries?
a. Lower-income countries can observe the experience of those countries that have grown more quickly and can learn from it.
b. Lower-income countries have a comparative advantage in the production of labor-intensive goods, which have higher terms of trade than
capital-intensive goods.
c. Lower-income countries have an abundant supply of rich natural resources.
d. Lower-income countries can produce goods more cheaply than high-income countries as the average wage rate in low-income countries is lower than that in high-income countries.
a
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The population in the current year is 31.5 million and the real GDP is $814 million. The previous year's statistics were a population of 31 million and a real GDP of $800 million
The change in the standard of living, measured by growth in real GDP per person, is A) 0 percent. B) 0.13 percent. C) 1.6 percent. D) 6 percent. E) 7.75 percent.
The congressional committee headed by Thomas Jefferson proposed a method for disposing of the public domain that was based on
a. the New England township system. b. the Southern tract system. c. the Virginia plan. d. English common law.