Suppose that in Brazil total annual output is worth $600 million and people work 30 million hours. In Peru total annual output is worth $800 million and people work 50 million hours. Productivity is higher
a. in Brazil. Most variation in the standard of living across countries is due to differences in productivity.
b. in Brazil. Differences in productivity explain very little of the variation in the standard of living across countries.
c. in Peru. Most variation in the standard of living across countries is due to differences in productivity.
d. in Peru. Differences in productivity explain very little of the variation in the standard of living across countries.
a
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Velocity of money is the ratio of ________
A) real GDP to money demand B) money supply to money demand C) nominal GDP to money supply D) nominal GDP to money demand
In game theory, the strategy that always yields the highest benefit for the player using it is the
A) dominant strategy. B) cooperative strategy. C) prisoners' strategy. D) matrix strategy.