Country A had a population of 1,000, of whom 600 worked an average of 8 hours a day and had a productivity of 2.5 . Country B had a population of 800, of whom 560 worked 8 hours a day and had productivity of 3.0 . Country
a. A had the higher level of real GDP and real GDP per person.
b. A had the higher level of real GDP and Country B had the higher level of real GDP per person
c. B had the higher level of real GDP and Country A had the higher level of real GDP per person
d. B had the higher level of real GDP and real GDP per person.
d
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If the absolute value of the price elasticity of demand for DVD movies is 0.8 then the elasticity of demand of the DVD for the movie The Hangover should be
A) less then 0.8 in absolute value. B) equal to zero because the DVD of this movie has been out for several years. C) equal to 1 in absolute value. D) greater than 0.8 in absolute value.
Refer to Figure 12-5. The firm's manager suggests that the firm's goal should be to maximize average profit. If the firm does this, what is the amount of profit that it will earn?
A) $6,600 B) $6,750 C) $12,150 D) $36,000